IndusInd Bank CMP 380
✍ Stock fell frm 2038 high to 235
✍ Decreasing deposits
✍ Rising bad loans
✍ High exposure to telecom companies & NBFCs
✍ Exit of a long-time CEO
✍ Crisis at #yesbank has put question mark on rest of the private lenders
✍ Stock corrected 68% in March
Journey from 2035 to 235
✍ Dec 2017 - RBI imposes INR 3 Crs penalty for under-reporting of FY16 NPAs
✍ Apr 2018 - Reports divergence in FY17 NPAs of INR 1350 Crs frm RBI's estimates
✍ Sep 2018 - Discloses exposure of INR 3000 Crs to IL&FS, a crisis-ridden NBFC
#IndusindBank
✍ July 2019 - Completes merger with Bharat Financial Inclusion
✍ Jan 2020 - Posts disappointing Q3, provisions up by 72%, gross NPAs more than double YoY, asset quality worsens, Mr Sobti set to retire in Mar'20
✍ Feb 2020 - Moody's downgrades Outlook to Negative from Stable
✍ Feb 2020 - RBI approves the appointment of Sumant Kathpalia as CEO, successor to Romesh Sobti
✍ Mar 2020 - Stock fell over 65% in Mar due to #Covid_19
🔥 Bank has exposure of INR 3995 Crs to Vodafone
🔥 Reports 2% erosion in deposit base as state govt shifted deposits
🔥 Yes bank fiasco cascades to other private lenders
🔥 Promoters ask the RBI to allow them to increase stake
✍ Apr 2020 - After domestic investors dumped the stock, FPI raised their stake from 55.22% in Dec 2019 to 72.07% in Mar 2020. Promoters reduce pledged stake.
#Banking
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.