IndusInd Bank Down 4% In Afternoon Trade After Paring Some Losses

IndusInd Bank share price: After opening at Rs 420, or 9.50% below previous closing mark, stock slumped further to hit an intra-day low of Rs391.25

IndusInd Bank Down 4% In Afternoon Trade After Paring Some Losses

The IndusInd Bank share has fallen around 80 per cent this year.

Private lender IndusInd Bank witnessed another day of significant losses in the markets as its shares nosedived sharply soon after trading commenced on Thursday. The bank however trimmed some of its losses in the afternoon. At 12:05 pm, the scrip was down 4.44 per cent at Rs 439.45. Earlier, after opening at Rs 420, or 9.50 per cent below previous closing mark, the stock slumped further to hit an intra-day low of Rs 391.25, a 14.47 per cent dip from Wednesday's closing mark.

The bank's shares had plunged 36.7 per cent intra-day on Wednesday to hit a six -year low level, following which the lender issued an official release asking shareholders not to worry about the bank's financial health on the basis of "unsubstantiated information and mischievous rumours".

"In wake of the significantly higher level of market rumours and speculation around lnduslnd Bank stock, we would like to reiterate that the Bank is financially strong, well-capitalized, profitable, and a growing entity with strong governance," the bank said in a release sent to the bourses.

The bank also sought to allay fears with regard to its asset quality. "Last quarter, the bank's gross NPA at 2.18% was the 2nd lowest in the industry amongst large private sector Banks. We expect current quarter Gross NPA to be pretty much in line with that of last quarter," the bank further added.

The stock has fallen around 80 per cent this year, including a fall of over 50 per cent in the past 7 trading sessions alone.