IndusInd Bank shares rose nearly 1 per cent on Wednesday, touching an intraday high of Rs 820, even as global brokerage Citi reaffirmed its ‘Sell’ rating on the stock following a meeting with the bank’s management and chief executive officer. The stock, however, gave up gains later to trade 0.35 per cent lower.
Citi noted that while the management has laid out a three‑phase roadmap, right‑size, rebuild, and re‑accelerate, to restore growth and profitability, near‑term challenges and limited upside continue to temper its outlook on the lender.
Over longer horizons, the picture is mixed. The stock has outperformed over 1 year, delivering 19.77 per cent growth against 10.92 per cent growth for Nifty Bank, but it has significantly underperformed over 3 and 5 years, down 20.02 per cent and 18.61 per cent, respectively, while the index rose 38.14 per cent in three years and 61.56 per cent in five years.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
