IndusInd Bank Ltd has received a penalty order of ₹30.15 crore from the Joint Commissioner of CGST & Central Excise, Thane Commissionerate. The order was issued on March 24, 2025, under Section 122(1)(ii) of the CGST Act, 2017, citing various GST-related issues. The bank stated in a regulatory filing that it is evaluating legal options and may file an appeal against the order.
As of 10:51 AM on March 25, IndusInd Bank Ltd was trading at ₹644.15, down ₹25.30 or 3.78% for the day. Over the past month, the stock has declined by 37.72%, and it has fallen 55.25% over the last six months.
The penalty is solely on account of GST-related matters. The bank has not disclosed specific details regarding the nature of the GST issues involved. As required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the disclosure was made to the stock exchanges and is also available on the bank’s official website.
The penalty amount is ₹30,15,18,000. The bank has not indicated any operational impact arising from the order. The financial implication is limited to the penalty amount.
For the third quarter, IndusInd Bank reported a net profit of ₹1,402.3 crore, compared to ₹2,301 crore in the same quarter last year. This marks a year-on-year decline of 39%.
Net Interest Income (NII) stood at ₹5,228.1 crore, down 1.3% from ₹5,295.6 crore in the corresponding quarter of the previous year.
The bank reported an increase in bad loans during the quarter. Gross Non-Performing Assets (GNPA) rose to ₹8,375.3 crore from ₹7,638.5 crore in the previous quarter. The GNPA ratio increased to 2.25%, compared to 2.11% in Q2 FY25.
Net Non-Performing Assets (NNPA) rose to ₹2,495.8 crore from ₹2,282 crore. The NNPA ratio increased to 0.68% from 0.64%.
The bank has not indicated any immediate operational disruptions due to the penalty. However, it is currently assessing legal options and may choose to challenge the order. Further updates are expected through regulatory filings as the matter progresses.
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Published on: Mar 25, 2025, 3:05 PM IST
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