The pushed back on the billionaire Hinduja brothers’ plan to raise stake in IndusInd Bank, which has lost more than 70 per cent of its market value this year, said sources.

The RBI has conveyed the decision to the IndusInd founders Srichand and Gopichand Hinduja, the people said, asking not to be named as the information is not public.

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The brothers had applied to the central bank for approval to raise their stake in the lender to 26 per cent from less than 15 per cent, the bank said in an exchange filing in April.

was the worst-hit member of the country’s benchmark index this year, after the RBI effectively took control of the troubled in March. Shares of IndusInd have fallen 72 per cent this year .

Representatives for Hinduja, IndusInd and the RBI didn’t respond to requests for comment.

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