IndusInd Bank shares plunge 17%; Mcap erodes by ₹15,572 crore amid disappointing earnings
The Hindu
IndusInd Bank shares plummet 17% to 52-week low after 40% profit decline in September quarter.
Shares of IndusInd Bank on Friday (October 25, 2024) morning tumbled nearly 17% to hit the 52-week low level after the firm reported a 40% decline in net profit at ₹1,331 crore in the quarter ended September 2024.
The stock dived 16% to hit the 52-week low of ₹1,073 on the BSE.
At the NSE, it plunged 16.72% to ₹1,066 - the 52-week low level.
The company's market valuation also fell by ₹15,572.07 crore to ₹84,053.35 crore.
The stock emerged as the biggest laggard among the Sensex and Nifty firms.
In the equity market, the BSE Sensex traded 388.99 points lower at 79,676.17 and the Nifty dropped 163.60 points to 24,244.20.
The lender had earned a net profit of ₹2,202 crore in the year-ago period.
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