IndusInd Bank, which has revealed accounting discrepancies in its derivatives portfolio, has had two of its top executives selling their shares in the bank during 2023 and 2024.

The bank’s CEO Sumant Kathpalia and Deputy CEO Arun Khurana sold shares to make a get gain of Rs 157 crore during 2023 and 2024.

Kathpalia sold shares valued at Rs 134 crore between 24 May 2023 and 25 June 2024, according to BSE insider trading data. This amounted to nearly 950,000 shares being transacted.

Kathpalia also bought 396,000 shares worth Rs 34 crore. His net gain was thus Rs 100 crore during this period. 

Khurana sold 550,000 shares for Rs 82 crore over 2023-24. He also purchased 238,000 shares worth Rs 25 crore. He thus made a net gain of Rs 57 crore during this period. 

The shares bought and sold were part of the employee stock option plan (ESOPs). 

The bank’s discrepancies, disclosed earlier in the week, were identified between September and October 2024. The country’s fifth-largest private lender said the entire provisioning hit will be taken in the March quarter.