Societe Generale Offloads IndusInd Shares Amid Profit Decline

Societe Generale sold Rs 421 crore worth of IndusInd Bank shares amidst a reported 40% drop in the bank's quarterly profit. IndusInd's income increased slightly, but profits were hit due to asset quality concerns and microlending issues.

In a significant transaction, financial services firm Societe Generale divested IndusInd Bank shares worth Rs 421 crore. The bulk deal on Friday saw the Paris-headquartered company offloading 39.30 lakh shares at an average price of Rs 1,070.61 on the National Stock Exchange (NSE).

Amid this development, Societe Generale also acquired 29,725 shares at an average price of Rs 1,083.79, further highlighting its dynamic approach to portfolio management. The overall transaction amounted to Rs 3.22 crore. However, other buyers involved in the transaction remain unidentified as per NSE data.

Concurrently, IndusInd Bank encountered a significant setback with its shares tumbling nearly 19% due to a 40% drop in net profit for the September quarter, attributable to asset quality difficulties and a reduced income from microlending de-growth. Despite an income rise to Rs 14,871 crore, the lender set aside an additional Rs 525 crore for prudential provisions, amplifying financial challenges.

(With inputs from agencies.)