Citigroup starts India's IndusInd with "sell"

Source : REUTERS
Last Updated: Fri, Jun 14, 2013 05:50 hrs
A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange

Citigroup initiates coverage on India's 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.

More from Sify: