Despite the announcement, shares remained in the red due to worries over the bank’s exposure to stressed sectors, mainly housing finance companies (HFCs) and weak financials. IndusInd Bank: Shares of the bank slumped more than 6% on Thursday after it announced its earnings for the September quarter. Though the bank saw a 52% year-on-year jump in net profit, a sharp rise in provisions dragged the stock lower. Indiabulls Housing: Shares of the company plunged on Thursday, closing down more than 19% as the Reserve Bank of India (RBI) rejected its proposed merger with Lakshmi Vilas Bank. This has spoiled the non-bank’s plans to get a banking licence amid concerns over tight liquidity and weak asset quality faced by housing finance companies.

Source: Mint October 11, 2019 02:48 UTC