IndusInd Bank Shares Plummet Amid Profit Decline

Shares of IndusInd Bank fell sharply, dropping nearly 17% to reach a 52-week low after the company reported a significant 40% decline in net profit for the quarter ending September 2024. The bank's market valuation decreased by over Rs 15,572 crore due to deteriorating asset quality.

Shares of IndusInd Bank took a dramatic nosedive on Friday morning, nearly dropping 17% to a 52-week low, following a disappointing quarterly financial report.

The bank reported a 40% reduction in net profit, amounting to Rs 1,331 crore for the quarter ending September 2024, a stark contrast to the Rs 2,202 crore profit of the previous year.

As the stock emerged as the biggest laggard among Sensex and Nifty firms, the lender's total income rose to Rs 14,871 crore, but asset quality worsened with gross non-performing assets increasing to 2.11% from 1.93% a year prior.

(With inputs from agencies.)