IndusInd bank crashes 4% on multiple bulk deals

According to reports, about 1.4 per cent equity shares of the bank exchanged hands in the seven large block deals. However, ETMarkets.com independently could not verify the deals.

Heavy trading volumes on exchanges do suggest that bulk deals were executed but details of buyers and sellers could not be ascertained at the time of writing this report.

On BSE, 5.02 lakh shares of IndusInd Bank worth ₹59.29 crore were traded as of 1 pm. On National Stock Exchange (NSE), 1.93 crore shares worth ₹2270.3 crore exchanged hands at the same time.

Following the announcement, shares of IndusInd Bank dropped 4 per cent to ₹1,162.10 on Tuesday. The scrip settled at 1,210.30 in the previous session on NSE.

ICICI Direct has buy call on IndusInd Bank with a target price of ₹1,330. IndusInd Bank has continued to report robust business growth with 18 per cent YoY and 5 per cent QoQ growth in advances to ₹2.59 lakh crore, it said.

“Healthy disbursement is expected to enable steady margins and NII at ₹4,265 crore, up 16.6 per cent YoY, while non-interest income is seen growing 11.1 per cent YoY. Asset quality is expected to remain steady.”