IndusInd Bank shares dip as stock trades ex-dividend today. Buy, hold or sell?
2 min read 02 Jun 2023, 11:24 AM ISTIndusInd Bank shares are trading tepid due to market price adjustment due to ₹14 final dividend payment, say experts
PremiumIndusInd Bank shares are in focus today as the stock is trading ex-dividend today for payment of ₹14 per share final dividend to its eligible shareholders. IndusInd Bank share price today opened lower and went on to hit intraday low of ₹1,271 apiece, logging around 1.50 per cent intraday loss within few minutes of stock market's opening bell today.
However, stock market experts believe that the dividend stock is one of the quality banking stocks in which every dip should be seen as buying opportunity. They said that IndusInd Bank shares are facing strong hurdle at ₹1,300 apiece levels, but once it breaches this resistance decisively, the banking stock may go up to ₹1,420 apiece levels in short to medium term.
IndusInd Bank share price outlook
On why IndusInd Bank share price is under pressure today, Vaibhav Kaushik, Research Analyst at GCL Broking said, "IndusInd Bank share price fall during Friday deals should be seen as market price adjustment because the banking stock is trading ex-dividend today. Otherwise, fundamentals of the stock is quite strong. IndusInd Bank has reported positive numbers and its guidance is also quite promising. So, this dip should be seen as buying opportunity by positional investors."
On IndusInd Bank share price chart, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi said, "IndusInd Bank share price is facing strong hurdle at ₹1,300 to ₹1,320 zone. On breaching this resistance the stock may become highly bullish and may go up to ₹1,420 per share levels. Currently, one should wait for more correction as the stock is in ₹1,180 to ₹1,320 per share zone." Anand Rathi expert said that due to final dividend payment, IndusInd shares are expected to trade sideways to lower for few sessions.
For those who have IndusInd Bank shares in their stock portfolio, Vaibhav Kaushik said, "Those who hold IndusInd Bank shares are advised to maintain trailing stop loss at ₹1,250 as the stock has immediate support placed at ₹1,250 apiece levels."
IndusInd Bank dividend 2023 details
In one of its exchange communications, IndusInd Bank informed about the dividend payment citing, "The Board also recommended payment of dividend at the rate of Rs.14 per equity share of ₹10/-each of the Bank, for the financial Year 2022-23 (140%), subject 1o approval of the Shareholders at the ensuing Annual General Meeting." The board of directors of the bank later fixed 2nd June 2023 as record date for final dividend payment.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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