IndusInd founders – Hinduja brothers are pushed back by RBI (Reserve Bank of India) on their plan to raise stake in IndusInd Bank. This year, IndusInd Bank has lost more than 70 per cent of its market capitalisation.
Hinduja Brothers – Srichand and Gopichand Hinduja have applied to RBI for approval to raise their stake in the Bank to 26 per cent from less than 15 per cent according to an exchange filing statement by the bank in April. IndusInd Shares have gone down by 72 per cent this year on concerns regarding the Bank founder’s borrowing money against its shares, worsening asset quality and erosion of low-cost deposits. According to the representative of Hinduja Brothers, they have repaid a secured loan in April which was backed by the bank.