New Delhi: IndusInd Bank's shares plunged nearly 17 pc on Friday morning, reaching a 52-week low, following a 40 pc decrease in net profit to Rs 1,331 crore in the quarter ending September 2024. The stock plunged by 16 percent, reaching the BSE's 52-week low of Rs 1,073. At the NSE, it dropped by 16.72 percent to Rs 1,066, reaching the lowest level in 52 weeks.
IndusInd Bank Faces Market Hit: Rs 15,572 Crore Capital Loss Amid Worsening Asset Quality
The company's market capitalization decreased by Rs 15,572.07 crore to Rs 84,053.35 crore. The stock was the worst performer among the companies listed on the Sensex and Nifty. The BSE Sensex saw a decrease of 388.99 points to reach 79,676.17, while the Nifty fell by 163.60 points to settle at 24,244.20 in the stock market. The lender made a net profit of Rs 2,202 crore in the previous year.
IndusInd Bank reported an increase in total income to Rs 14,871 crore in the current quarter, up from Rs 13,530 crore in the corresponding period last year, according to a regulatory filing on Thursday. The bank's asset quality worsened with gross non-performing assets (NPAs) increasing to 2.11 percent of gross advances by the end of the September quarter of 2024, up from 1.93 percent the previous year. The percentage of net NPAs or bad loans increased to 0.64 percent from 0.57 percent in the previous year.
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