IDFC First Bank fraud: How a Rs 590 crore hit erased Rs 14,000 crore in investor wealth

IDFC First Bank's market capitalization plummeted by Rs 14,438 crore after a Rs 590 crore fraud at its Chandigarh branch. Employees allegedly conducted unauthorized transactions in Haryana state government accounts, leading to a significant deposit balance discrepancy. The bank insists the incident is isolated and contained, but the Haryana government has de-empanelled the bank, signaling a loss of confidence.