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IndusInd Bank share price closes lower after six sessions, here's why

IndusInd Bank share price closes lower after six sessions, here's why

IndusInd Bank share price ended 7.27% or Rs 38 lower at Rs 489.65 against previous close of Rs 528.05 on Sensex today

IndusInd Bank stock had risen 27.32% from Rs 415.05 on June 4 to Rs 528.45 on June 12, 2020 on BSE IndusInd Bank stock had risen 27.32% from Rs 415.05 on June 4 to Rs 528.45 on June 12, 2020 on BSE

Share price of IndusInd Bank was the top loser on Sensex and Nifty after traders booked profit amid a weak equity market performance today. IndusInd Bank share price ended 7.27% or Rs 38 lower at Rs 489.65 against previous close of Rs 528.05 on Sensex today. On Nifty, share price of the private sector lender closed 7.20% or Rs 38 lower at Rs 490.40 against previous close of Rs 528.45.

29 out of 46 analysts gave a buy or outperform call, 10 hold, five underperform and two sell, according to recommendations made to Reuters. The stock has fallen after six consecutive days of gain.

IndusInd Bank stock had risen 27.32% from Rs 415.05 on June 4 to Rs 528.45 on June 12, 2020 on BSE. The gain in stock came as the lender on June 7 (Sunday) announced that promoters would now purchase additional shares from the open market within the overall regulatory limit prescribed for promoter equity holding cap.

Promoters of the lender IndusInd International Holdings Ltd and IndusInd Ltd  hold 14.68 percent of the paid-up share capital. On BSE, the stock touched an intraday low of Rs 483.65,  down 8.41%.

The stock stands higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages. Market cap of the bank fell to Rs 33,960 crore.

The large cap stock touched its yearly high of Rs 1596 on December 2, 2019 and its 52 week low of Rs 235.60 hit on March 24, 2020. It has lost 65% during last one year and fallen 67% since the beginning of this year. However, in one month, the share has gained 19.21% and 10.54% in a week.

Meanwhile, market ended lower as investors feared that a fresh wave of coronavirus cases across the globe could dampen equity market sentiment. Sensex closed 552 points lower at 33,228 and Nifty lost 159 points lower to 9,813.

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Share Market Update: Sensex ends 552 points lower, Nifty at 9,813; IndusInd Bank, Axis Bank top losers