IndusInd Bank shares locked in upper circuit; stock spikes over 44%

The stock has snapped eight-day losing streak and this is the biggest-ever one-day gain.

Mar 26, 2020 05:03 IST India Infoline News Service

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Shares of IndusInd Bank touched upper circuit Rs331.30 on the BSE. The stock has snapped eight-day losing streak and this is the biggest-ever one-day gain. The stock was the top gainer on the Nifty and Nifty Private Bank index.

The stock is currently trading at Rs434.40, up by Rs133.2 or 44.22% from its previous closing of Rs301.20 on the BSE.

Over 30.2 lakh shares had changed hand on the counter on the NSE and BSE so far.

In Monday's session, the bank's stock hit an 8-year low of Rs235.55 on the NSE after the bank's managing director and chief executive officer (MD & CEO) Romesh Sobti retired. The bank's market-capitalisation slipped below the Rs20,000cr-mark.

Moody’s in February had revised the outlook on IndusInd Bank’s instrument to “negative” from “stable” to account for the risk of further asset quality deterioration. However, it affirmed ratings on foreign and domestic currency deposits, on the back of a strong capital base.

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