IDFC First Bank Share Price Gains as Haryana Recovers ₹556 Crore from Fraud Case| Stock Market Today

Market Performance: IDFC First Bank Shares Bounce Back

IDFC First Bank shares regained their footing on February 24, trading in green after a sharp drop the previous day. This positive movement came after Haryana Chief Minister Nayab Singh Saini announced the rapid recovery of nearly ₹556 crore that had been misappropriated in a fraud case linked to the bank.

At 2:30 pm on February 24, the bank's stock was up nearly 1%, trading at ₹70.54 per share, signaling relief among investors after the turbulence caused by the ₹590-crore fraud disclosure.

Main News: Quick Recovery After Fraud Disclosure

The fraud, involving accounts held by the Haryana government, had initially rattled markets when IDFC First Bank revealed the incident on Sunday. Within 24 hours of the announcement, the state government recovered:

• Total amount recovered: ₹556 crore
• Interest included: ₹22 crore
• Timeframe: Recovered within 24 hours

Haryana CM Saini emphasized in the State Assembly, “I want to clarify before the House that the money concerning Haryana government departments, the entire amount has been deposited back into our accounts. The recovery has been made within 24 hours.”

He added that the fraudulent activity mainly involved a specific branch in Chandigarh, with collusion between four to five middle- and lower-level bank employees and external parties.

Company Details: Fraud and Action Taken

• Bank involved: IDFC First Bank
• Fraud amount: ₹590 crore
• Employees implicated: 4–5 employees from a Chandigarh branch
• Action: Haryana government and bank initiated immediate recovery
• Investigation: Haryana’s Anti-Corruption Bureau will conduct a detailed probe
• Committee formed: Headed by the Finance Secretary to oversee the investigation

Summary: Impact on Stock Market Today

The news of rapid recovery helped stabilize investor sentiment. Despite the earlier shock, the IDFC First Bank share price recovered from a nearly 20% lower circuit hit.

• Stock trading at ₹70.54 per share (up ~1%) on February 24
• Recovery and transparency reassured market participants
• Ongoing investigation indicates accountability and systemic review

This incident highlights the importance of internal checks, quick governmental action, and transparency in maintaining trust in financial institutions. For stock market today watchers, IDFC First Bank’s bounce-back demonstrates how swift recovery measures can calm markets even after large-scale fraud disclosures.

Source: Moneycontrol