Indian equity markets opened higher on February 23 amid positive global signals, with Sensex and Nifty posting gains and the rupee strengthening against the dollar. However, IDFC First Bank shares plunged nearly 10 percent after the lender reported alleged fraudulent transactions worth ₹590 crore linked to Haryana government accounts.
Markets Gain on Global Cues, Rupee Strengthens
Mumbai: The Indian stock market opened on a strong note on Monday. Amid positive global cues, the Sensex opened at 82,943.00, up 128.29 points, or 0.15%. The Nifty rose 215.20 points, or 0.84%, to 25,786.45. The Nifty traded above 25,650 in early trade, indicating strong investor confidence.
The Indian Rupee also opened strongly amid the stock market rally. The rupee opened at 90.76 per dollar on Monday, up 22 paise, compared to Friday's close of 90.98. This strengthening of the rupee against the dollar is expected to provide relief to import-based companies.
Meanwhile, IDFC First Bank shares saw a sharp decline. The bank has reported unauthorized and alleged fraudulent activities worth ₹590 crore in accounts belonging to the Haryana government. The matter is reported to be related to a branch in Chandigarh. The bank has initiated an internal investigation and suspended the suspected employees.
The bank has appointed KPMG to conduct an independent forensic investigation into the matter, ensuring complete transparency.
Following the news of the scam, IDFC First Bank shares fell to ₹75.21, representing a decline of ₹8.35, or approximately 9.99%. The stock touched an intraday high and low of ₹75.21. Sell orders for over 17.1 million shares were pending in the market, while no buyers were seen.
Trading volume was 190,391 shares, down 82.39% from the previous five-day average of 1,081,270 shares. This clearly indicates a sense of panic among investors.
The stock closed at ₹83.56, up 0.72% or ₹0.60 in the previous session. The stock touched a 52-week high of ₹87 on January 2, 2026, and a low of ₹52.50 on April 7, 2025. It is currently trading 13.55% below its 52-week high and 43.26% above its low. The bank's market capitalization is ₹64,674.52 crore.
