Indusind Bank faces muted outlook, new CEO to tackle major challenges

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Indusind Bank faces muted outlook, new CEO to tackle major challenges - Business Standard

Quick Summary:

Most brokerages see downside in shares of IndusInd Bank, which posted a net loss of Rs 2,329 crore, marking one of the worst quarters in terms of both financial metrics and top level upheavals in the wake of accounting (derivative, MFI, other assets/liabilities) fraud.

IndusInd Bank may face muted financials in the medium to near-term, and the new MD and CEO will have an "uphill task" of resurrecting the bank and regaining investor trust, brokerages said on Thursday after the beleaguered bank reported its biggest net loss in 20 years.

Brokerage firm Emkay in its note said: "We believe these developments could hurt the bank's business and financials in the near-to-medium term".