New Delhi, Feb. 23 -- Shares of IDFC First Bank tumbled as much as 20% on Monday after the lender disclosed over the weekend that a Rs.590-crore fraud had occurred at its Chandigarh branch involving Haryana government-linked accounts, prompting the Reserve Bank of India to step in with assurances that there was no systemic risk.

The stock fell sharply in early trade on the National Stock Exchange, slipping nearly 20% intraday to around Rs.66.80 per share before trimming some losses.

According to the bank, the fraud pertains to a particular branch in Chandigarh and is confined to a limited set of Haryana government-linked accounts and certain branch employees, 'most possibly in connivance with external parties', fraudulently transferred ...