By Siddhi Nayak, Nandan Mandayam and Nishit Navin (Reuters) -Indian private lender IndusInd Bank said on Tuesday CEO Sumant Kathpalia has resigned with immediate effect, marking a management shakeup following a derivatives accounting lapse that has hit the bank's net worth.

IndusInd Bank MD and CEO Sumant Kathpalia has resigned with immediate effect, taking moral responsibility for accounting discrepancies in the bank’s derivatives portfolio, which are estimated to have a Rs 1,

IndusInd Bank shares are under scrutiny following the resignation of CEO Sumanth Kathpalia amid derivative accounting discrepancies, prompting the formation of a new committee.