New Delhi, Feb. 23 -- IDFC First Bank share price slipped 20% on Monday after the private lender disclosed a suspected fraud amounting to Rs.590 crore at its Chandigarh branch, raising concerns about the potential impact on its earnings.

The private lender disclosed that employees at its Chandigarh branch had carried out unauthorized transactions in accounts linked to the Haryana state government, creating a deposit balance discrepancy of approximately Rs.590 crore.

In a conference call on February 23, IDFC First Bank's management clarified that the incident was restricted to only the Chandigarh branch and did not involve any other locations across its network of over 1,000 branches. It said that the employees allegedly involved have be...