HDFC Mutual Fund, through its various schemes, has increased its stake in IndusInd Bank, even as the banking stock faces pressure following disclosures of accounting discrepancies related to internal derivatives.

IndusInd Bank share price closed 1.84 per cent lower at ₹672.10 on the BSE on Thursday, March 13. The banking stock suffered a deep loss of 27.17 per cent on March 11 after it announced the accounting discrepancies.

The private sector lender expects to take the impact of these discrepancies–about 2.35 per cent of its net worth–in the fourth quarter results, yet report a small profit. The bank has estimated the loss on derivatives trade at ₹1,520 crore net of taxes and ₹1,970 crore at the gross level.

However, in the following session, the stock rose 4.38 per cent after the bank’s promoter Ashok Hinduja expressed complete confidence in the ability of the bank’s managing director (MD) and chief executive officer Sumant Kathpalia to steer the bank through its challenges.

In March so far, the stock has plunged 32 per cent.

HDFC Mutual Fund raises stake

Through an exchange filing on Thursday, March 13, IndusInd Bank shared a note from HDFC Asset Management Company, which said that the aggregate holdings of HDFC Mutual Fund schemes in IndusInd Bank at the close of business hours on March 11, 2025, was 5.02 per cent of the paid-up shares of the company.

Before the acquisition, the number of IndusInd Bank shares held by HDFC Mutual Fund was 3,75,29,368, equivalent to 4.82 per cent stake.

This rose to 3,91,21,778 shares, or 5.02 per cent stake after HDFC Mutual Fund acquired 15,92,410 shares, or 0.20 per cent stake, of the company through an open market transaction on March 11.

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