A whistleblower complaint alleging insider trading, governance failures and shortcomings in forensic and audit reviews sent shares of IndusInd Bank Ltd 3 per cent lower in Wednesday's trade. Delivered to the Prime Minister's Office, the Reserve Bank of India (RBI) and multiple regulators seeking an investigation at IndusInd Bank, the complaint, as reported by ET, intensified scrutiny of the lender that earlier reported a Rs 2,000-crore derivatives accounting discrepancy.

Following the development, IndusInd Bank shares fell 2.75 per cent to hit a low of Rs 887.10 on BSE. With this, the private lender has erased its entire 2026 gains.  

The complaint suggested alleged insider trading by Samir Agarwal, a former zonal head of eastern India at IndusInd Bank. In addition to that, the complaint talked about manipulation of financial records and evergreening of microfinance loans. The whistleblower also suggested attempts by senior management and board members to conceal irregularities and suppression of audit findings, among others, ET reported on Wednesday.

Business Today could not independently verify the report.  

As per the report, copy of the complaint was sent to the National Financial Reporting Authority (NFRA), Serious Fraud Investigation Office (SFIO)  and other agencies. As per the complaint, Agarwal allegedly generated Rs 46 crore in gains through share transactions worth nearly Rs 815 crore, before key developments became public. According to the complaint, he used confidential information obtained through his corporate banking responsibilities to facilitate trades by family members and related entities.

IndusInd Bank told ET that it "rejects the assertions" made by the whistleblower, adding that all concerns have been "duly examined" and "appropriate actions" taken in line with internal policies and regulatory requirements. IndusInd Bank, as per ET, said it had proactively reported certain matters to authorities and, with the matter under review, it would not comment further.