IndusInd Bank jumps 45%

IndusInd Bank after being literally butchered down to pieces was today the top gainer on the BSE. The stock, which had closed yesterday at Rs.301.20, zoomed up 45% to Rs.436.70 and is currently at Rs.409 levels.

The stock is up, maybe after people see value at the lower levels; the fear was that after Yes Bank, this Hinduja owned bank will be the next to go down. There was wide spread panic and that led to the stock price being run into the ground.

Yesterday, Europacific Growth Fund sold 35.8 lakh shares of the bank at an average price of Rs. 298.83 per share, NSE bulk deal data on Wednesday showed.

 MD & CEO Romesh Sobti, who was at the helm for 12 years, resigned and the new MD & CEO, Sumant Kathpalia took charge on 23rd and he now has the big task of rebuilding all the lost confidence.