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IndusInd Bank share price falls over 8% as board defers fundraising plan

Share price of IndusInd Bank fell up to 8.58% to Rs 927.5 compared to the previous close of Rs 1,014.30 on BSE

twitter-logoBusinessToday.In | March 9, 2020 | Updated 12:48 IST
IndusInd Bank share price falls over 8% as board defers fund raising plan
IndusInd Bank has lost 11.81% in last two days. The stock opened 4.37% lower at Rs 970 today

IndusInd Bank share price tanked in early trade today after the private sector lender announced deferment of its meeting to discuss raising of funds using additional tier-1 instrument. Share price of IndusInd Bank fell up to 8.58% to Rs 927.5 compared to the previous close of Rs 1,014.30 on BSE. IndusInd Bank has lost 11.81% in last two days. The stock opened 4.37% lower at Rs 970 today.

"A meeting of board of directors to consider and approve borrowing and raising of funds in Indian and or foreign currency by issuance of debt securities in the nature of additional tier 1 Capital (A1'1) and / or tier 2 Capital (T2 Bonds) of the bank was scheduled to be held today, " the bank said.

The large cap stock has lost 37.65% during the last one year and fallen 37.33% since the beginning of this year.

The stock is trading 2.8% away from its 52-week low of Rs 921.25 on BSE.

The private sector lender said it deferred the fund raising meeting considering the current market conditions and reserves of adequate capital with it.

Sensex crashed 1,661 points or 4.42% to 35,915 after Saudi cut oil price by 31%. Nifty too fell 473 points to 10,515 in afternoon trade today.

By Aseem Thapliyal

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