IndusInd Bank Stock Crashes Over 25% Bank Denies Market Rumours
IndusInd Bank crashed more than 25 per cent in a weak market on rumours surrounding its financial health; the bank has, however, provided an assurance that it has strong financials and healthy governance.
At 1.00 pm, the stock was trading at Rs 429, lower by 29 per cent, on the BSE. The shares hit an intra-day high of Rs 638 and a low of Rs 382 thus far.
“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 press release.
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