IndusInd Bank Stock Crashes 24%, Bank Denies Market Rumours

IndusInd Bank crashed 24 per cent in a weak market on rumours surrounding its financial health; the bank has, however, provided an assurance that it has strong financials and healthy governance. The stock ended at Rs 460, lower by Rs 144 or 28 per cent, on the BSE. The shares hit an intra-day high of Rs 638 and a low of Rs 382.

"In wake of the significantly higher level of market rumours and speculation around lnduslnd Bank stock, we would like to reiterate that the Bank is financially strong, well-capitalized, profitable, and a growing entity with strong governance," the bank said in a press release.

The bank also sought to allay fears with regard to its asset quality. "Last quarter, the bank's gross NPA at 2.18% was the 2nd lowest in the industry amongst large private sector Banks. We expect current quarter Gross NPA to be pretty much in line with that of last quarter," the bank further added.

The stock has fallen around 80 per cent this year, including a fall of over 50 per cent in the past 7 trading sessions alone.