|Chennai||Rs. 28730.00 (1.13%)|
|Mumbai||Rs. 29740.00 (-0.13%)|
|Delhi||Rs. 29200.00 (0%)|
|Kolkata||Rs. 29350.00 (0%)|
|Kerala||Rs. 28000.00 (0%)|
|Bangalore||Rs. 28400.00 (0%)|
|Hyderabad||Rs. 28470.00 (-0.11%)|
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.