Panic grips the market as IndusInd Bank shares witness a dramatic 20% plunge, triggering multiple lower circuits.
This sharp decline comes in the wake of revelations about significant discrepancies within the bank's account balances, resulting in an estimated ₹1,530 crore impact on its net worth. We delve into the details of the internal review that exposed these discrepancies, highlighting the concerns that have sent investors reeling. Kkunal V Parar, Vice President, Technical Research, Choice Equity Broking, provides analysis on the stock, warning of potential further downside momentum, with targets at ₹660 and possibly ₹580. Is this a temporary setback or a sign of deeper issues? We explore the implications of this financial turmoil, discussing the bank's potential recovery timeline and the crucial factors that will influence its future. Experts Dharmesh Kant, Head of Equity Research , Chola Securities and Kkunal V Parar, Vice President, Technical Research , Choice Equity Broking have cautioned against viewing this as a buying opportunity, recommending a wait-and-see approach for the next 6-9 months until clarity emerges. Kkunal V Parar breaks down the key levels to watch and offer insights on how to navigate this volatile situation. Don't get caught in the turmoil – understand the full picture before making any decisions.