Stock Market Update: The downward trend in the Indian stock market continues. The stock market, which opened in green on Friday, the last day of the week, is once again facing a big drop. In the current decline, shares of more than half of the companies on major exchanges are expected to fall. Meanwhile, a huge drop is seen in the shares of private sector IndusInd Bank.
Bank stocks sharply fall on Friday
At 10.45 am today, the shares of this private bank were trading at Rs 1,048.50 on the BSE, down a whopping 18.02% (Rs 230.40). The bank’s shares, which closed at Rs 1,278.90 on Thursday, opened sharply lower today at Rs 1,199.95. After starting trading, there was a further decline in the bank’s stock and at one point it reached the price of Rs 1,034.75, which was not only its intraday low but also became its new 52-week low. The 52-week high for IndusInd Bank stock is Rs 1,694.35.
Terrible fall in net profit of IndusInd Bank
IndusInd Bank on Thursday released the results for the second quarter of the financial year 2024-25. The bank’s results in the second quarter of this fiscal year were very poor and its net profit decreased by more than 39 percent. The bank said in an exchange filing on October 24 that its net profit in the second quarter of the financial year 2024-25 fell 39.2 percent year-on-year to Rs 1,325 crore.
Investors began selling shares as soon as the market opened.
Due to this poor performance of the bank, investors started selling shares of IndusInd Bank as soon as the market opened today. Due to which there is a huge fall in the prices of bank shares. We tell you that the shares of this private bank have been falling for a long time, so investors are facing huge losses.
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