Citi starts IndusInd Bank with 'sell'

Last Updated: Fri, Jun 14, 2013 05:51 hrs

Citigroup initiates coverage on IndusInd Bank Ltd with a "sell" rating and a target price of 455 rupees, citing stretched valuations.

The investment bank says IndusInd has transformed itself into a "unique" bank that is also a non-banking financial company (NBFC).

However, Citi adds that "future growth will likely be less dynamic, amid a tougher macro, and less unique" as other NBFCs are applying for banking licenses.

IndusInd's shares were down 1.3 percent ahead of WPI inflation data later in the day.

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