IndusInd Bank opened today with a loss over 2.5% at Rs.1259, going down to an intraday low at Rs.1252.50, a fall of over 3%. It remains in the red at Rs.1284 levels.
Yesterday evening, Moody’s downgraded the outlook of the bank to ‘negative’ from ‘stable’ as it expects further deterioration in asset quality.
In its note, Moody’s said that Bank, vis-à-vis the other banks, has a relatively higher exposure to the stressed real estate sector at *% of its loan book as on 31 December 2019. The rating agency said that real estate sector apart, it could be also be negatively impacted by the ongoing stress in the telecom sector.