Citi starts IndusInd Bank with 'sell'

Reuters Market Eye - Citigroup initiates coverage on IndusInd Bank Ltd with a "sell" rating and a target price of 455 rupees, citing stretched valuations.

The investment bank says IndusInd has transformed itself into a "unique" bank that is also a non-banking financial company (NBFC).

However, Citi adds that "future growth will likely be less dynamic, amid a tougher macro, and less unique" as other NBFCs are applying for banking licenses.

IndusInd's shares were down 1.3 percent ahead of WPI inflation data later in the day.

(Reporting by Abhishek Vishnoi)