Mumbai/IBNS, Feb. 23 -- Shares of IDFC First Bank Limited plunged as much as 20% to Rs.66.85 on the Bombay Stock Exchange after the lender disclosed a fraud of approximately Rs.590 crore at its Chandigarh branch, according to media reports.

In an exchange filing, the bank said that a few employees were involved in unauthorised transactions from accounts linked to the Government of Haryana.

The fraud came to light after the Haryana government requested the closure of its account and transfer of funds to another bank.

During the reconciliation process, the lender detected discrepancies between the balances recorded in its books and those reported by the government, The Times of India reported.

The bank added that the final financial imp...