Societe Generale sells its stake in IndusInd Bank for Rs 421 crore

Financial services company Societe Generale on Friday sold private sector lender IndusInd Bank's shares for Rs 421 crore through an open market transaction.

According to the bulk deal data available on the National Stock Exchange (NSE), Paris-headquartered Societe Generale offloaded 39.30 lakh shares or 0.50 per cent stake in IndusInd Bank.

The shares were disposed of at an average price of Rs 1,070.61 apiece, taking the transaction value to Rs 420.80 crore.

Meanwhile, Societe Generale bought 29,725 shares at an average price of Rs 1,083.79 per piece, as per the data on the National Stock Exchange (NSE).

This took the deal value to Rs 3.22 crore.

Details of the other buyers of IndusInd Bank's shares could not be ascertained on the exchange.

Shares of IndusInd Bank plunged 18.99 per cent to close at Rs 1,037 apiece on the NSE.

On Thursday, IndusInd Bank reported a 40 per cent decline in September quarter net profit at Rs 1,331 crore, pulled down majorly by concerns about asset quality.

The lender had earned a net profit of Rs 2,202 crore in the year-ago period.

Total income rose to Rs 14,871 crore in the quarter under review, from Rs 13,530 crore in the same period a year ago.

Further, the bank decided to set aside an additional Rs 525 crore as prudential provisions due to challenges in the operating environment. It earned less interest income because of higher slippage and a dip in income because of microlending portfolio de-growth, which impacted the profits.