Shares of IndusInd Bank after surging 35% to Rs. 406.6 on the BSE are locked in upper circuit. This is the highest single-day surge logged by the private lender since its debut on the bourses in February 1998.
Notably, after the RBI took control over the board of Yes Bank on March 5, IndusInd Bank declined the most amongst its peers by as much as 72%. In today's session, the stock has snapped eight-day losing run and is the top index gainer.
On March 25, 2020, Europacific Growth Fund sold 35.8 lakh shares in the private bank at an average price of Rs. 298.83 per share on NSE.
Earlier, after the bank's CEO and MD Romesh Sobti's retirement, the stock fell down by more than 30%, hitting multi-year low of Rs. 235.55.
Further reports suggest that promoters of the bank, the Hinduja brothers, are fully lending their support to the bank and attribute the earlier massive fall in bank's stock price to unwarranted speculative activity in the counter.
At 11:22, the stock quotes higher with gains of 44.94% at Rs. 436.55 per share on the BSE.