IndusInd Bank hits 52-week low; management steps in to calm nerves

Private lender IndusInd Bank was down more than 3 percent on October 3, making it the top Nifty loser.

The stock also hit a new 52-week low of Rs 1,220 per share. The fourth consecutive day of fall has pushed the stock down 17 percent in the last seven days.

In an interview to CNBC-TV18, CEO Romesh Sobti said that IndusInd Bank has had significant recoveries in some stressed accounts, while exposures in various sectors remained pretty much constant. Credit cost would be under control in Q2 just like in Q1, he said.

“We have seen significant recoveries in the corporate book. The merger with Bharat Financial Inclusion has proven to be very beneficial. There is sufficient collateral against all the real estate exposures.

“The bank has been receiving retail deposits worth Rs 5,000-6,000 crore every quarter, with commercial vehicle portfolio continuing to grow at over 20 percent,” he said.

At 1150 hours, IndusInd Bank was quoting at Rs 1,288.35, down Rs 6.25, or 0.48 percent. It has touched a 52-week low of Rs 1,220.

Source : http://tiny.cc/hqevdz

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