IndusInd Bank tumbles as IRDA imposes fine of Rs 15 lakh

IndusInd Bank is currently trading at Rs. 340.05, down by 3.70 points or 1.08% from its previous closing of Rs. 343.75 on the BSE.

The scrip opened at Rs. 344.30 and has touched a high and low of Rs. 346.40 and Rs. 338.10 respectively. So far 13064 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 351.90 on 19-Apr-2012 and a 52 week low of Rs. 221.75 on 02-Jan-2012.

Last one week high and low of the scrip stood at Rs. 348.40 and Rs. 336.50 respectively. The current market cap of the company is Rs. 15999.99 crore.

The promoters holding in the company stood at 19.46 % while Institutions and Non-Institutions held 42.90 % and 23.80 % respectively.

IndusInd Bank has been imposed a fine of Rs 15 lakh by the Insurance Regulatory and Development Authority (IRDA) for violation of corporate agency regulations. The bank is a corporate agent for Aviva Life Insurance Company and Murugappa group’s Cholamandalam MS General Insurance Company.

The penalty was levied as it was in receipt of excess remuneration than what is permitted by the regulations during the years 2007-08, 2008-09 and 2009-10. Last year in August, IRDA had levied a penalty of Rs 10 lakh on Cholamandalam MS General for paying excess remuneration to IndusInd Bank for the years 2007-08 and 2008-09.

Indusind Bank caters to the needs of both consumer and corporate consumers. It has a robust technology platform supporting multi-channel delivery capabilities.