IndusInd Bank share price collapsed 27 per cent from the day's highest level to hit an intraday low of Rs 392.35 on the National Stock Exchange. On the BSE, IndusInd Bank shares dived 27.47 per cent to Rs 393.30 on the back of heavy trading volumes. IndusInd Bank shares opened at Rs 480.60 and touched an intraday high of Rs 542.30, up 13 per cent from its previous day's closing price.
As many as 22.45 lakh shares changed hands on the BSE compared with an average of 15.39 lakh shares traded daily in the past two weeks.
In yesterday's trading session IndusInd Bank shares saw huge demand on the exchanges as the stock surged a whopping 45 per cent intraday.
IndusInd Bank shares have slumped ever since the markets entered the bear phase. IndusInd bank shares have so far this year crashed 84 per cent to it a fresh 52-week low of Rs 235.60. With sharp fall in IndusInd Bank share price, IndusInd Bank's market capitalization has collapsed to Rs 28,500 crore.
Meanwhile, Reserve Bank of India on Friday asked all lending institutions to allow three-month moratorium on equated monthly instalment (EMI) payments in order to infuse liquidity into the system as the economy grapples with Covid-19 challenges.
RBI Governor Shaktikanta Das-led Monetary Policy Committee (MPC) slashed the key lending rate by 75 basis points (0.75 percentage point) in an emergency move on Friday, to counter the economic fallout of the coronavirus-induced 21-day lockout.
As of 1:50 pm, IndusInd Bank shares traded 5.5 per cent lower at Rs 414, underperforming the Sensex which was trading on a flat note.