IDFC First Bank is under intense market pressure following the disclosure of a ₹590 crore fraud at its Chandigarh branch involving Haryana government accounts. The discrepancy, discovered during a routine account closure, led the Haryana government to de-empanel the lender and order an immediate withdrawal of state funds. Expert Avinash Gorakshakar noted that while the bank claims the impact is limited to one branch, the ‘trust factor’ remains a significant concern for investors. The fraud amount exceeds the bank’s Q3 net profit, raising provisioning worries for the final quarter. Meanwhile, the broader market remains volatile due to global trade uncertainties and Donald Trump’s tariff assertions. UPL shares also saw a sharp decline of 8% following plans to spin off its crop protection business. Conversely, banking majors like HDFC Bank and Axis Bank showed resilience, with Axis gaining on brokerage upgrades. Precious metals like gold and silver surged as investors sought safe-haven assets amid ongoing tariff jitters and macroeconomic uncertainty ahead of Q3 GDP data.
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