IndusInd Bank slips below Rs 700; UBS slashes target price by 22%
IndusInd Bank Ltd shares slipped below Rs 700 level in Friday’s trade, after rising in the previous three sessions, as foreign brokerage UBS retained its ‘Sell’ call on the private lender, slashing its target price by 22 per cent to Rs 600 from Rs 770 earlier.
Following the development, the stock fell 2.58 per cent to hit a low of Rs 691.05. UBS’ target suggests 13 per cent downside over this price.
UBS highlighted several factors that could contribute to the further de-rating of IndusInd Bank. The main concerns include deposit flows, the appointment of a new CEO, and the external auditor’s report findings, which the brokerage views as crucial indicators of the bank’s future performance.
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