IndusInd Bank Share Price Hits 52-Week Low Amid Volatility
IndusInd Bank share price touched an intraday low of Rs 1,000.7 apiece on the NSE, extending the losses for the fourth straight day.
Shares of IndusInd Bank Ltd. fell to a fresh 52-week low on Monday, amid a decline in benchmark indices.
The stock dropped up to 1.61% in early trade to touch an intraday low of Rs 1,000.7 apiece on the NSE. On the BSE, the stock dipped 1.8% to touch its 52-week low of Rs 1,001 per share.
Shares of the private lender have been on a downward trajectory for the last four days after reporting poor results in the September quarter of the current fiscal.
Meanwhile, benchmark indices Sensex and Nifty on Monday hit their lowest levels since June 24. Nifty hit a low of 23,362.35 points, and Sensex hit a low of 77,015.75 points, marking their weakest performance in the last five months.
IndusInd Bank shares have been declining for the last few sessions, after the private sector lender reported muted Q2 results. The lender saw a 39% decline in its net profit on a year-on-year basis at Rs 1,325 crore in the quarter ended September, as compared to Rs 2,181 crore in the same quarter a year ago. This missed the estimates of analysts tracked by Bloomberg, who predicted net profits at Rs 2,214 crore.
Fall in net profit of the bank was a result of the higher provisions it made for slippages in the microfinance space. The provisions rose by 87% on a year-on-year basis, while on a sequential basis, it rose 73%.
Earlier on Oct. 25, the stock fell 19% to hit a 52-week low of Rs 1,024 apiece, after the lender declared its financial results for the September quarter of the current fiscal.
The stock has dropped more than 37% year-to-date, and over 32% in the past year.
Shares of IndusInd Bank Ltd. were trading at Rs 1,002.5 apiece, down by 1.44% on the NSE at 10:44 a.m., compared to a 0.66% decline in the Nifty 50.
