IndusInd Bank shares fall over 3% today
Shares of IndusInd Bank Ltd. fell over 3% on Monday, trading at ₹843.00, down ₹27.05 from the previous close of ₹870.05, as investors reacted to a combination of sector-wide and company-specific factors.
The Mumbai-based private lender informed stock exchanges that its board of directors will meet on Wednesday, July 23, to consider proposals to issue long-term bonds or debt securities on a private placement basis. These issuances will be subject to shareholders' and regulatory approvals.
Additionally, the board will also discuss capital augmentation plans, including raising funds via instruments like ADRs, GDRs, and QIPs. The board is also scheduled to meet on Monday, July 28, to approve its financial results for the April–June quarter.
Market sentiment has been cautious on banking stocks after several lenders reported mixed results over the weekend, with rising bad loans and weakening core income weighing on outlooks. IndusInd Bank, meanwhile, remains under the spotlight after its top management resigned earlier this year following accounting discrepancies, which led to the formation of an interim committee to oversee operations.
Brokerage firm Nomura recently noted that the lender has entered the new financial year on a cleaner slate, having addressed prior issues.
The broader banking sector is also seeing pressure after quarterly results from peers: Axis Bank : Bad loans spiked in Q1 after RBI's push to recognise stressed assets.
AU Small Finance Bank : NII rose 6.4% YoY but credit cost guidance increased.
Union Bank of India : Core income declined while asset quality stayed stable.
Bandhan Bank: Net profit fell 65% YoY.
Investors are now watching IndusInd's upcoming board decisions and Q1 results for more clarity on its strategy and financial health going forward.
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Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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