IndusInd Bank’s deputy CEO Arun Khurana has resigned from his position with immediate effect, after global audit firm Grant Thornton submitted its report throwing light on the accounting discrepancies in the lender's derivatives portfolio.

This is a day after the private lender said it will take action against employees responsible for the lapses and re-align senior management roles to strengthen accountability.

"Considering the recent unfortunate developments, wherein the bank determined an adverse accounting impact on P&L, on account of incorrect accounting for internal derivative trades, I having oversight of the Treasury Front office function, as the whole time director, deputy CEO and a part of senior management of the bank, hereby resign, effective immediately," Khurana stated in his resignation letter.

Grant Thornton, appointed by the bank’s board on 20 March to investigate on the accounting lapse issue, confirmed in its report submitted on 26 April that incorrect accounting practices led to an adverse cumulative impact of Rs 1,959.98 crore on the bank's profit and loss account as of 31 March 2025.

The discrepancies mainly arose from incorrect accounting of internal derivative trades, particularly in cases involving early termination.