India, Feb. 23 -- Shares of India's IDFC First Bank Ltd. fell by a fifth on Monday after Rs.590 crore fraud was detected at its branch in Chandigarh.

IDFC First Bank's share price fell as much as 19.99% to hit an intraday low of Rs.66.85 even as the benchmark Sensex rose 0.65%.

The IDFC First Bank fraud in Chandigarh is linked to government bank accounts of Haryana. At least four staff members have been suspended. A forensic audit is underway.

According to UBS, the fraud amount - Rs.590 crore - is about 22% of IDFC First Bank's net profit in FY26, even the private lender claimed the impact is just 1% of its net worth. Morgan Stanley saw a 20% hit to the bank's bottom line in FY26.

IDFC First Bank will now have to reassure investors th...