IndusInd Bank Shares Plummet by 19%

IndusInd Bank shares fell 19%, losing Rs 18,489.39 crore in market valuation, after a 40% drop in net profit to Rs 1,331 crore for Q3 2024. Income rose to Rs 14,871 crore, but asset quality worsened. The BSE Sensex and Nifty also saw declines.

In a dramatic market movement on Friday, shares of IndusInd Bank plunged by 19%, translating to a significant Rs 18,489.39 crore loss in market capitalization, following the announcement of a 40% decline in net profit to Rs 1,331 crore for the quarter ending September 2024.

The BSE witnessed IndusInd's stock plummet by 18.56%, closing at Rs 1,041.55, after reaching a 52-week low of Rs 1,025.30. Similarly, on the NSE, the share fell 18.98%, touching an intraday low of Rs 1,025.50. The lender's asset quality also took a hit, with gross non-performing assets rising to 2.11%.

In a broader market context, the Sensex dropped by 662.87 points, and Nifty decreased by 218.60 points. The bank's quarterly income did see an upward trend to Rs 14,871 crore, but with a concerning increase in net NPAs to 0.64% compared to the previous year's 0.57%.

(With inputs from agencies.)