IndusInd Bank opened at 1,498.70 on Friday. The stocks rose by 2.27 percent ahead of Union Budget. The stock closed at 1,527.00.
IndusInd Bank earlier in the week announced that it has picked up a 2.58% stake in Satin Creditcare Network, by converting debentures which the private lender had subscribed earlier. The stake buys in Satin, which was first announced in 2017, came just days before Bharat Financial Inclusion merged with IndusInd Bank on 4 July.
Merger of Bharat Financial into IndusInd Bank was announced in October 2017, as part of which a shareholder would get 639 shares of IndusInd Bank for every 1,000 shares of the Bharat Financial.
IndusInd Bank is known to be one of the fastest-growing banks in the banking sector in India.
The BSE group ‘A’ stock of face value Rs 10 has touched a 52-week high of Rs 2,037.90 on 3 August 2018 and a 52-week low of Rs 1,333.90 on 31 October 2018.
IndusInd Bank shares have fallen nearly 23% in the last one year compared with a 12% rise in the benchmark Nifty 50 index.
The promoter holding in the company stood at 16.8%, while Institutions and Non-Institutions held 63.28% and 19.92%, respectively.
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