IndusInd Bank slides over 8% in two days post Q2 results

IndusInd Bank fell 2.19% to Rs 1,202, extending yesterday's 6.15% fall triggered by the company's Q2 earnings.

Shares of IndusInd Bank slumped 8.20% to its current market price of Rs 1,202 in two trading sessions from its previous closing high of Rs 1,309.50 on 9 October 2019.

IndusInd Bank's net profit rose 50.32% to Rs 1,383.37 crore on a 31.40% increase in total income to Rs 8,877.02 crore in Q2 September 2019 over Q2 September 2018.

The bank's gross non-performing assets (NPAs) stood at Rs 4,370.20 crore as on 30 September 2019 as against Rs 4,199.66 crore as on 30 June 2019 and Rs 1,781.36 crore as on 30 September 2018.

The ratio of gross NPAs to gross advances stood at 2.19% as on 30 September 2019 as against 2.15% as on 31 June 2019 and 1.09% as on 30 September 2018.

The ratio of net NPAs to net advances stood at 1.12% as on 30 September 2019 as against 1.23% as on 30 June 2019 and 0.48% as on 30 September 2018.

The bank's provisions and contingencies jumped 24.98% to Rs 737.71 crore in Q2 September 2019 over Q2 September 2018.

The result was announced during market hours yesterday, 10 October 2019.

Meanwhile, the S&P BSE Sensex was up 26 points or 0.07% to 37,906.31.

On the BSE, 3.48 lakh shares were traded in the counter so far compared with average daily volumes of 4.30 lakh shares in the past two weeks. The stock hit an intraday high of Rs 1,253.85. It hit an intraday low of Rs 1,192, which is also a 52-week low for the counter. The stock hit a 52-week high of Rs 1,835 on 28 March 2019.

IndusInd Bank is involved in accepting deposits, such as savings accounts, current accounts and fixed deposits and banking solutions.

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