IndusInd Bank down 4% as Integrated Core sells 5 mn shares via bulk deal

IndusInd Bank shares slipped 4.1 per cent in trade on BSE, logging an intraday low at Rs 947.8 per share. The stock slipped after Integrated Core Strategies (Asia) Pte sold 50,86,943 shares through a bulk deal. 

 

Around 11:42 AM, IndusInd Bank shares were down 2.96 per cent at Rs 959.65 per share on BSE. In comparison, the BSE Sensex was down 0.5 per cent at 72,828.74. The market capitalisation of the company stood at Rs 74,750.18 crore. The 52-week high of the stock was at Rs 1,576 per share and the 52-week low was at Rs 923.4 per share.

 

As per National Stock Exchange (NSE) bulk deal data,  Integrated Core Strategies (Asia) Pte sold 50,86,943 shares for Rs 986.74 per share through a bulk deal. 

 

In Q3, the private lender posted a net profit of Rs 1,401 crore, down 39 per cent from Rs 2,301 crore a year ago. The bank's provisions and contingencies, or funds set aside to cover loan losses, jumped 87 per cent to Rs 1,744 crore. Its gross non-performing assets ratio deteriorated to 2.25 per cent from 2.11 per cent three months earlier and 1.92 per cent a year ago. 

 

IndusInd's non-performing assets (NPA) in the microfinance category rose to Rs 2,432 crore from Rs 2,259 crore a quarter ago. The segment forms 9 per cent of the bank's total loans.

 

IndusInd had reported higher delinquencies in its microfinance loan-book in the second quarter as well.Its net interest income - the difference between interest earned and paid - fell to Rs 5,228 crore from Rs 5,296 crore a year earlier.

 

In the past one year, IndusInd Bank shares have lost 35 per cent against Sensex's decline of 0.91 per cent.