IndusInd Bank shares crash 20%; why, and what fresh stock price targets suggest
Back-to-back negative developments dragged IndusInd Bank Ltd shares down for the sixth straight session on Tuesday. The banking stock hit its 20 per cent lower circuit limit, as the private lender declared a preliminary impact of 2.4 per cent of its net worth due to a change in the valuation of derivatives transactions, leading to a flurry of downgrades on the stock. Analysts said an adjustment would be required, which would lead to losses for the private lender in the March quarter.
Kotak Institutional Equities cut its target price on the stock to Rs 850 from Rs 1,400 earlier, while downgrading the stock to ‘Reduce’ from Buy’. MOFSL suggested a revised target price of Rs 925. ICICI Securities suggested a target price of Rs 850….
