Share price of IndusInd Bank jumped 30 percent intraday on March 26 and is the top index gainer.
The scrip has fallen by 64.5 percent in March so far in the midst of the COVID-19 pandemic.
Europacific Growth Fund on March 25 sold 35.8 lakh shares of IndusInd Bank at an average price of Rs 298.83 per share on NSE bulk deal data on Wednesday showed.
According to reports, the bank’s promoters, the Hinduja brothers, are fully backing the lender and attribute the decline in the stock to excessive speculative action.
Following the news of MD and CEO Romesh Sobti’s retirement from the bank, the stock fell over 30 percent, hitting an 8-year low of Rs 235.55.
At 10:21 hours, IndusInd Bank was quoting at Rs 391.65, up 29.99 percent.
News Source:- Moneycontrold