India’s IndusInd Bank Tumbles 15% on Becoming Latest to Warn of Microfinance Loan Stress
Shares of India’s IndusInd Bank (INBK.NS), opens new tab tumbled 15% on Friday, set for their worst day in over four years after the lender warned it would miss its full-year loan growth target, becoming the latest lender to flag the stress in microfinance loans.
The bank also posted an unexpected drop in second-quarter profit due to a jump in bad loans in the microfinance business, which are collateral-free loans to borrowers with annual income up to 300,000 rupees.
Photo courtesy of Peter Haden.
Source: Reuters (link opens in a new window)
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