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The brokerage maintains its positive view on the bank with a TP of Rs 1,408, valuing it at 1.6x P/ABV on its FY25e book.

The stock quoted a 52-week high of Rs 3698.5 and a 52-week low of Rs 2334.35.

Promoters held 0.0 per cent stake in the company as of 31-Dec-2022, while FII and DII ownership stood at 12.81 per cent and 7.04 per cent, respectively.

The brokerage tweaks its FY23E/FY24E estimatesto factor in lower credit costs, partly offset by downward pressure on NIMs.

Mumbai, Jan 19 (PTI) The rupee depreciated 15 paise to 81.45 against the US dollar in early trade on Thursday, weighed down by a muted trend in domestic equities and foreign fund outflows. At the interbank foreign exchange, the domestic unit opened weak at 81.

However, due to the recent rally in the stock price and limited upside on its TP, the brokerage downgrades its rating to ADD.

Analysts flagged multiple reasons for the FPI selloff - expensive valuations due to the recent outperformance of Indian equities over their global peers, reallocation of funds to China and Taiwan for their relatively cheaper valuations, the reopening trade in China and global growth concerns.

"The market falls on two of three occasions in the 30 days post the budget. The probability of such a fall rises to 80% if the market has risen in the 30 days preceding the budget. Only twice in 30 years has the market been up both pre and post the budget," the brokerage said.

Jefferies maintained its buy rating on IndusInd Bank post the December quarter results with a target price of Rs 1600.

The stock traded at a P/E multiple of 12.38, while the price-to-book value ratio stood at 1.59.