In today’s newsletter, lots of space for SpaceX in India, with both Bharti Airtel and Reliance Jio announcing partnership agreements for Starlink. But first, the crisis in India’s fifth-largest private bank — IndusInd.

Accounting ‘Glitch’ or Red Flag? IndusInd Bank’s ₹1,500 Crore Shocker Explained. 27% Crash in a Day: The Hidden Accounting ‘Glitch’ That Shook IndusInd Bank.

IndusInd Bank on Tuesday addressed the fallout of a Rs 2,100 crore discrepancy in accounting, saying it has enough reserves and capital to cover for it.

By Siddhi Nayak and Nandan Mandayam (Reuters) -Indian private lender IndusInd Bank will report a profit for the fourth quarter and the full financial year 2025, its CEO told CNBC-TV18 on Tuesday, after discrepancies in its derivatives accounts sent its shares tumbling.

MUMBAI: IndusInd Bank’s shares recovered some losses (up 4%) on Wednesday after plunging nearly 27% on Tuesday. Market players said concerns eased after reports said the promoter had finalised funds for acquiring Reliance Capital.

The trouble stems from an internal review that uncovered errors in how the bank accounted for hedging costs linked to past forex transactions.

By Nandan Mandayam and Siddhi Nayak (Reuters) -Shares of Indian private lender IndusInd Bank fell more than 22% to an over four-year low on Tuesday, a day after it reported discrepancies in accounting related to forex derivatives that could lead to a one-time hit to earnings.

Ashok Hinduja, chairman of IndusInd International Holdings, told CNBC-TV18: “At the moment, there is no margin call.”