IndusInd Bank shares locked in upper circuit after stock jumps over 48 pc

Shares of private sector lender IndusInd Bank touched upper circuit on Thursday afternoon, snapping an eight-day losing streak and clocking the biggest-ever intra-day gain.

The stock was the top gainer on the Nifty and Nifty private bank index. At 12:30 pm, the stock was trading at Rs 446.10, up by 48.06 per cent from its previous close.

Reports said over 30.2 lakh shares had changed hand on counters of the National Stock Exchange (NSE) and BSE Ltd.

On Tuesday, the newly-appointed Managing Director and Chief Executive Officer (CEO) Sumant Kathpalia took charge at IndusInd Bank for three years. He succeeds Romesh Sobti whose tenure ended a day earlier.

Last month, Moody's 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.