IndusInd Bank tumbles 37 per cent in single trading session

IndusInd Bank tumbles 37 per cent in single trading session

Amir Shaikh
/ Categories: Trending

The stock of IndusInd Bank in today’s trading session witnessed the brunt of weak market sentiments amidst Supreme Court’s order to dismiss the plea of telecom companies. The bank’s exposure to the stressed Vodafone Idea is nearly two per cent, which has triggered the panic selling by the investors, taking stock of IndusInd Bank plummeting nearly 37 per cent to touch an intraday low of Rs 382.55 apiece.

The bank on Tuesday has given a clarification to the bourses about its financial health, where it stated that in the last quarter, the bank’s gross NPA was at 2.18 per cent which was the second lowest in the industry amongst large private sector banks. The bank further said that it expects the current quarter’s gross NPA to improve further and net NPA to fall below one per cent from the current 1.05 per cent.

In terms of exposure, stressed sectors like real estate and gems & jewellery, the bank had zero gross NPA while, its exposure to commercial vehicle and microfinance portfolios remain steady and range-bound.

Besides, the bank’s promoter has sought RBI approval to increase shareholding to 26 per cent and the bank is awaiting further guidance from the regulator.

Talking on deposit, the bank said that both retail and corporate segments are steady but a couple of state government entities have made withdrawals amounting to less than two per cent of its total deposits.

The stock of IndusInd Bank has tumbled almost 8o per cent from its 52-weeks high to today’s low.

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