Mumbai, March 11: IndusInd Bank shares were locked in a 20 per cent lower circuit on Tuesday as the lender’s internal review projected an adverse impact of approximately 2.35 per cent on its net worth (as of December 2024).

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.

The bank’s net worth is expected to decline by nearly Rs 2,100 crore after 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 has appointed an external agency to independently review and validate its internal findings on the derivatives portfolio, as per the Reserve Bank of India’s September 2023 guidelines on bond investment classification and valuation.

IndusInd 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. Recent developments have raised the risk perception and impact disclosed borrowings cost too, it added.

“We downgrade IIB to ‘HOLD’ from ‘BUY’ as we cut multiple to 1.0x from 1.4x driven by uncertainties relating to earnings quality and future leadership. Woes continue for IIB since an irregularity was unearthed in derivative accounting,” said Gaurav Jani from PL Capital- Prabhudas Lilladher.

This 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.

“In our view, this episode had a bearing on RBI’s decision to extend MD and CEO’s tenure only for 1 year. Valuation is 0.9x on FY27 ABV and we trim target price to Rs 1,000 from Rs 1,400,” said Jani.

New Delhi, March 10: The Ministry of Health & Family Welfare (MoHFW) has asked officials at the Indian Premier League to ban all forms of tobacco and alcohol advertisements from upcoming sports events.

Notably, the letter by Prof. (Dr.) Atul Goel, Director General of Health Services urges Arun Singh Dhumal, Chairperson, IPL, to regulate tobacco and alcohol advertisements including surrogate advertisements and sales during the upcoming cricket season, slated to begin on March 22.

The ban extends both to stadium premises as well as a live telecast on television.

“The IPL being India’s most viewed sports event, direct or indirect promotion of tobacco/alcohol on any platform linked to sports sends a contradictory message to the public about health and fitness,” said Goel, in the letter, dated March 5.

He cited that tobacco and alcohol are significantly responsible for the rising burden of non-communicable diseases in the country. “Cardiovascular diseases, cancer, chronic lung disease, diabetes, hypertension, etc. account for more than 70 per cent of deaths annually.

Tobacco and alcohol use are key risk factors for NCDs. “India ranks second in tobacco-related deaths worldwide; with nearly 14 lakh annual deaths while alcohol is the most common psychoactive substance used by Indians,” the health ministry official said.

The letter, also marked to the Board of Control for Cricket in India, asked IPL officials to “strictly implement” the regulations to ban all forms of tobacco/alcohol advertising, including surrogate advertisements, “within the stadium premises where the games and related IPL games/events are held as well as during telecast sessions on national television”.

The sale of tobacco or alcohol products must also be regulated “in all affiliated events and sports facilities”.

The letter also sought to “discourage the promotion of sportspersons (including commentators) who directly or indirectly endorse products directly or indirectly linked to alcohol or tobacco”.

The letter stated that “cricket players are role models for the youngsters” and that promoting tobacco or alcohol products by them can have a poor impact on youngsters’ minds.

Instead, they should promote “a healthy, active lifestyle”. Goel asked IPL to share a “social and moral obligation to promote public health and support health initiatives of the government”.

New Delhi, March 8: The Labour Ministry on Saturday urged the platform workers to self-register themselves on e-Shram portal, so that they may be considered for the benefits under the scheme at the earliest.

The gig and platform economy is expanding, offering new jobs in sectors like ridesharing, delivery, logistics, and professional services.

NITI Aayog has projected that the gig economy in India will employ over 1 crore workers in 2024-25, subsequently reaching 2.35 crore by 2029-30.

Recognizing the contribution of the gig and platform workers to the nation’s economy, Union Budget 2025-26 announcement has provisions for registration of online platform workers on e-Shram portal, issue of identity cards, and healthcare coverage under Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY).

The AB-PMJAY health scheme provides a cover of Rs 5 lakh per family per year for secondary and tertiary care hospitalisation across over 31,000 public and private empanelled hospitals in India.

For early implementation of these Budget provisions, the Ministry of Labour and Employment is soon launching the scheme, and has asked platform workers to register on e-Shram Portal for formal recognition and access to AB-PMJAY benefits.

“As a first step, Ministry requests the Platform Workers to self-register themselves on e-Shram portal, so that they may be considered for the benefits under the scheme at the earliest,” it added.

The platform aggregators are also requested to disseminate this information among the platform workers engaged with them and facilitate them to register on e-Shram portal.

Meanwhile, over 30.58 crore unorganised workers have been registered on the e-Shram Portal for receiving benefits under various social welfare schemes of the government.

The e-Shram portal has registered over 1.23 crore workers in 2024, averaging 33,700 enrolments per day.

The e-Shram portal is meant to register and support the unorganised workers by providing them with a Universal Account Number (UAN) on a self-declaration basis.

The e-Shram portal has been integrated with the National Career Service (NCS) Portal. An unorganised worker can register on NCS using his or her Universal Account Number (UAN) and search for suitable job opportunities. A link has also been provided to the workers registered on the e-Shram portal to seamlessly register on the NCS.