Several stocks are likely to remain in focus in Monday’s trade following key corporate developments.
1 / 3Axis Bank, CreditAccess Grameen: Axis Bank has clarified media reports around a potential bid for a stake in CreditAccess Grameen, stating that it has neither submitted nor plans to submit any bid for a stake in the company. The clarification comes after promoters of CreditAccess Grameen initiated a process to sell their entire stake. Promoter CreditAccess India BV currently holds a 66.28% stake in the company, valued at approximately ₹14,000 crore. Recent media reports had also suggested that HDFC Bank may be evaluating the opportunity.
2 / 3IDFC First Bank: Shares of IDFC First Bank will be in focus today, after the lender disclosed a ₹590 crore fraud on Sunday. In an exchange filing, the bank said it received a request from a Haryana government department to close its account and transfer funds to another bank. During the process, discrepancies were identified between the amount mentioned in the request and the actual account balance. The matter pertains to the bank’s Chandigarh branch. The lender clarified that the issue does not impact other customers and that the financial effect will depend on further information, validation of claims, recoveries, and the legal process.
3 / 3AU Small Finance Bank: AU Small Finance Bank said no fraud or financial impact has been indicated so far, and that an internal review is underway. Deposits from the Haryana government have declined to ₹538 crore from ₹735 crore earlier. The bank added that it is engaging with the Haryana government to assess the reasons for its de-empanelment. Haryana government deposits account for about 0.4% of the bank’s total deposits, and AU Small Finance Bank reiterated its commitment to transparency and governance.
