The steep fall erased around Rs 14,000 crore in the bank’s market value. The stock hit a 52-week low of Rs 720.35, to go below the lower band on the NSE. Accounting discrepancies of 2.35 per cent of its net worth were found in its derivatives portfolio during an internal review. The Hinduja-promoted lender plans to absorb this loss in its Q4 earnings or the first quarter of the next fiscal year (FY26) The internal review findings have sparked a string of target price cuts from several brokerages for the bank’s stock amid fresh turmoil, days after the Reserve Bank of India allowed only a one-year extension to Chief Executive Officer, Sumant Kathpalia. The bank will face a \”litmus test\” from the succession viewpoint and the board is likely to evaluate both external as well as internal candidates, Citi said. The discrepancy spanned across a 5-7 year period till March 31 2024, however, due to an RBI directive, there are no irregularities with effect from Apr 1 2024.