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Shares of IndusInd Bank on Friday (October 25, 2024) morning tumbled nearly 17% to hit the 52-week low level after the firm reported a 40% decline in net profit at ₹1,331 crore in the quarter ended September 2024.

The stock dived 16% to hit the 52-week low of ₹1,073 on the BSE.

At the NSE, it plunged 16.72% to ₹1,066 – the 52-week low level.

The company’s market valuation also fell by ₹15,572.07 crore to ₹84,053.35 crore.

The stock emerged as the biggest laggard among the Sensex and Nifty firms.

In the equity market, the BSE Sensex traded 388.99 points lower at 79,676.17 and the Nifty dropped 163.60 points to 24,244.20.

The lender had earned a net profit of ₹2,202 crore in the year-ago period.

Total income rose to ₹14,871 crore in the quarter under review, from ₹13,530 crore in the same period a year ago, IndusInd Bank said in a regulatory filing on Thursday.

Asset quality of the bank deteriorated with gross non-performing assets (NPAs) rising to 2.11% of gross advances at the end of the September quarter of 2024, as against 1.93% a year ago.

Net NPAs or bad loans also rose to 0.64%, as against 0.57% in the year-ago period.