CLSA Sees 34% Upside in IndusInd

Global brokerage CLSA has lowered its target price for IndusInd Bank from ₹1,200 to ₹900 while maintaining an outperform rating on the stock after the private lender disclosed a net worth hit of ₹1,500 crore due to an accounting gap.

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The revised price target still implies an upside of 34 per cent from current levels.

Shares of IndusInd Bank last closed at ₹672, down 1.84 per cent from previous close of ₹685.

"We cut our estimates 9 per cent-25 per cent (for the one-off accounting hit and lower growth) and cut our target price from ₹1,300 to ₹900 but maintain our outperform rating," CLSA said in a note, drawing comparisons with RBL Bank, and Yes Bank.