In today’s newsletter, lots of space for SpaceX in India, with both Bharti Airtel and Reliance Jio announcing partnership agreements for Starlink. But first, the crisis in India’s fifth-largest private bank — IndusInd.

Accounting ‘Glitch’ or Red Flag? IndusInd Bank’s ₹1,500 Crore Shocker Explained. 27% Crash in a Day: The Hidden Accounting ‘Glitch’ That Shook IndusInd Bank.

IndusInd Bank's shares plummeted 27% after the bank revealed a Rs 2,100 crore discrepancy in its derivatives portfolio, accumulated over 5-7 years. CEO Sumant Kathpalia assured investors that the bank has sufficient reserves to absorb the impact.

IndusInd Bank, India's fifth-largest private lender, suffered a massive stock decline of over 27% following revelations of a significant accounting discrepancy in its forex derivative transactions. The issue,

By Nandan Mandayam and Siddhi Nayak (Reuters) -Shares of Indian private lender IndusInd Bank fell more than 22% to an over four-year low on Tuesday, a day after it reported discrepancies in accounting related to forex derivatives that could lead to a one-time hit to earnings.

Ashok Hinduja, chairman of IndusInd International Holdings, told CNBC-TV18: "At the moment, there is no margin call."

MUMBAI: IndusInd Bank’s shares recovered some losses (up 4%) on Wednesday after plunging nearly 27% on Tuesday. Market players said concerns eased after reports said the promoter had finalised funds for acquiring Reliance Capital.

The trouble stems from an internal review that uncovered errors in how the bank accounted for hedging costs linked to past forex transactions.