Can Fin Homes' Rs 38-crore fraud to hit FY24 profit, stock slumps 7%
Wed, Jul 26, 2023 12:11 PM

Can Fin Homes' Rs 38-crore fraud to hit FY24 profit, stock slumps 7%

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Can Fin Homes' share price fell 7.8% on July 26th after reporting a misappropriation of funds worth Rs 38.53 crore from its Ambala branch by three employees using their cheque signing authority. The company plans to make a 100% provision and the fraud will affect FY24 profit by 4%, with a 10 basis point impact on June 2023 book value according to Morgan Stanley. 

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