IndusInd Bank shares plunge 19%;mcap erodes by Rs 18,489 cr amid disappointing earnings

New Delhi: Shares of IndusInd Bank on Friday tumbled 19 per cent, wiping out Rs 18,489.39 crore from the market valuation, after the firm reported a 40 per cent decline in net profit at Rs 1,331 crore for the quarter ended September 2024.

The stock dived 18.56 per cent to settle at Rs 1,041.55 on the BSE. During the day, it cracked 19.82 per cent to hit the 52-week low of Rs 1,025.30.

At the NSE, it plunged 18.98 per cent to Rs 1,037. Intra-day, the stock tumbled 19.88 per cent to Rs 1,025.50 -- the 52-week low level.

The company's market capitalisation (mcap) also fell by Rs 18,489.39 crore to Rs 81,136.03 crore.

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

In the equity market, the BSE Sensex tanked 662.87 points or 0.83 per cent to close at 79,402.29 and the Nifty dropped 218.60 points or 0.90 per cent to 24,180.80.

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.