New Delhi, Feb. 23 -- IDFC First Bank's share price crashed as much as 20% in morning trade on Monday, February 23, after the bank said it uncovered fraudulent transactions worth around Rs.590 crore at one of its branches in Chandigarh. IDFC First Bank shares opened at Rs.75.21 against their previous close of Rs.83.56 and crashed 20% to an intraday low of Rs.66.85.

IDFC First Bank reported a Rs.590 crore fraud at its Chandigarh branch with respect to deposits from Haryana Government entities, which raised concerns over the potential earnings impact.

As Mint reported, the bank has informed the RBI, filed a complaint with the police and is also in the process of filing further complaints with appropriate law enforcement agencies and repor...