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IndusInd Bank share rally 5% on new MD & CEO appointment; time to buy?
The crisis-hit bank's stock rose as much as 5.3 per cent during the day to ₹847 per share, the steepest intraday climb since June 27 this year. The stock pared gains to trade 4.9 per cent higher at ₹843 apiece, compared to a 0.35 per cent advance in Nifty 50 as of 9:45 AM.
Shares of the company rose for the second day and currently trade at 8 times the average 30-day trading volume, according to Bloomberg. The counter has fallen 13.3 per cent this year, compared to a 4.3 per cent advance in the benchmark Nifty 50. IndusInd Bank has a total market capitalisation of ₹65,393.95 crore.
IndusInd appoints Rajiv Anand as MD & CEO
The appointment of Anand has received approval from the Reserve Bank of India (RBI), but is subject to shareholder approval, the company said in an exchange filing on Monday.
Anand's appointment as MD&CEO follows the resignation of Sumant Kathpalia, the former MD&CEO of the bank, in April, who took moral responsibility for the accounting lapses at the bank.
Prior to this role, Anand was Deputy MD at Axis Bank, where he led the bank's wholesale banking business and was responsible for driving its digital agenda. He joined Axis Asset Management in 2009 as its founding MD & CEO.
Anand was one of three candidates recommended by the bank's board to the RBI for the position of MD&CEO. The RBI had given the board until June 30 to submit its list of candidates for the role.
Anand brings extensive experience across banking verticals and is well-positioned to lead the bank, Kotak Securities said in a report. The appointment helps ease those fears and signals a step toward restoring confidence, it added
While no major announcements are expected immediately following the transition, the initial focus is likely to be on attracting high-quality talent, tightening underwriting standards to mitigate risk, and strengthening compliance and governance, Kotak said. "The current rating (Reduce) reflects the view that it is still early to factor these changes into the investment thesis."
IndusInd Bank Q1 results
IndusInd Bank reported a 72 per cent year-on-year (Y-o-Y) decline in net profit to ₹604 crore in Q1FY26, as compared to ₹2,170.79 crore. The bank's net interest income (NII) declined 14 per cent Y-o-Y during the April-June period to ₹4,640 crore due to a shrinking loan book. Sequentially, NII was up 52 per cent. Other income was down 12 per cent Y-o-Y to ₹2,157 crore.
The private sector lender's NIM declined 79 basis points (bps) Y-o-Y to 3.46 per cent, but increased 121 bps sequentially.
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