IndusInd Bank shares plunge 17%; mcap erodes by Rs 15,572 cr amid disappointing earnings

New Delhi: Shares of IndusInd Bank on Friday morning tumbled nearly 17 per cent to hit the 52-week low level after the firm reported a 40 per cent decline in net profit at Rs 1,331 crore in the quarter ended September 2024.

The stock dived 16 per cent to hit the 52-week low of Rs 1,073 on the BSE.

At the NSE, it plunged 16.72 per cent to Rs 1,066 -- the 52-week low level.

The company's market valuation also fell by Rs 15,572.07 crore to Rs 84,053.35 crore.

The stock emerged as the biggest laggard among the Sensex and Nifty firms.

In the equity market, the BSE Sensex traded 388.99 points lower at 79,676.17 and the Nifty dropped 163.60 points to 24,244.20.

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, IndusInd Bank said in a regulatory filing on Thursday.

Asset quality of the bank deteriorated with gross non-performing assets (NPAs) rising to 2.11 per cent of gross advances at the end of the September quarter of 2024, as against 1.93 per cent a year ago.

Net NPAs or bad loans also rose to 0.64 per cent, as against 0.57 per cent in the year-ago period.