Nuvama downgraded IndusInd Bank from "Hold" to "Reduce," lowering the target price to Rs 750, following a 2.35% post-tax impact on its net worth from internal derivative trades. These trades, now discontinued, were linked to FX borrowings and deposits.
Concerns were also raised due to the CFO's resignation and the CEO’s shorter-than-expected contract extension, which could affect the bank’s credibility and earnings.
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