IndusInd Bank shares hit lower circuit, give up Rs 900 mark in early deals

IndusInd Bank shares hit lower circuit of 15% on Tuesday after the lender said that during an internal review of its derivative portfolio, it noted some discrepancies in these account balances. IndusInd Bank shares stock slipped 15% to a fresh 52 week low of Rs 765.55 on BSE.  Total 0.80 lakh shares of the firm changed hands amounting to a turnover of Rs 6.41 crore on BSE. The market cap of the bank declined to Rs 59,640 crore.

The detailed internal review has estimated an adverse impact of approximately 2.35% of bank’s net worth as of December 2024. This could lead to an adverse impact on its net worth by Rs 1,530 crore. The bank’s net worth stood at Rs 65,102 crore as of December 2024.

IndusInd Bank shares have a one-year beta of 1.3, indicating very high volatility during the period. In terms of technicals, the relative strength index (RSI) of IndusInd Bank stands at 27.8, signaling the stock is trading in the oversold territory.

IndusInd Bank shares ended 4% lower at Rs 900 in the previous session after RBI cleared reappointment of incumbent bank CEO Sumant Kathpalia for one year only. 

This was against the board’s application for three years. This is negative, said Nuvama as it believes IndusInd Bank will likely use the one year to transition to a new CEO. Recently, just before the Q3FY25 earnings, IndusInd Bank's CFO had resigned.