New Delhi, July 23 (IANS) Shares of private sector banking stock IndusInd Bank fell more than 6 per cent in early trade on Thursday after the bank posted its June quarter earnings. 

The banking stock plunged as much as 6.29 per cent to 1002.50, hitting an intraday low of Rs 1,002.50 on the BSE at around 11:50 am.

At the last count, the stock was trading at Rs 1,006.75, a decrease of 5.90 per cent.

The selling pressure in the banking stock came after the private lender reported a consolidated net profit of Rs 1,037.05 crore for the first quarter of FY27 on Wednesday, compared with Rs 604.07 crore in the corresponding period last year.

The earnings were supported by a 21 per cent decline in provisions and contingencies, which stood at Rs 1,384 crore.

The lender's net interest income (NII) rose 1 per cent year-on-year to Rs 4,685 crore, while its gross non-performing asset (GNPA) ratio improved to 3.25 per cent. Gross slippages also declined to Rs 1,660 crore from Rs 2,567 crore a year ago.

Earlier in June, the bank witnessed selling pressure after reports claimed a complaint seeking an investigation into alleged insider trading, governance lapses, and audit shortcomings at the bank.

The selling pressure in shares followed reports suggesting that a whistleblower had approached multiple authorities -- including the Prime Minister’s Office (PMO), the Reserve Bank of India (RBI), the Serious Fraud Investigation Office (SFIO), the National Financial Reporting Authority (NFRA) and other agencies.

According to them, the complaint alleged insider trading, manipulation of financial records, evergreening of microfinance loans, suppression of audit findings and attempts by senior management and board members to conceal irregularities.

Additionally, the stock has touched a 52-week high of Rs 1,077.80 and a 52-week low of Rs 710.85 on Thursday on the BSE.