Beaten-down financials in focus; RBL, Bandhan, IndusInd Bank gain up to 20%

On Tuesday, Singapore-based investment banking firm UBS Principal Capital Asia bought 5.38 million shares representing a 0.78% stake of IndusInd Bank at an average price of Rs 367 on the NSE.

Shares of beaten down financial companies including banks, microfinance institutions and non-banking financial companies (NBFCs) rallied up to 20 per cent on Wednesday on the back of heavy volumes.

Bandhan Bank, RBL Bank, IndusInd Bank, Axis Bank, Muthoot Finance, Shriram Transport Finance Company, Equitas Holdings and Cholamandalam Investment and Finance Company were up in the range of 10 per cent to 20 per cent on the BSE.

Manappuram Finance, Max Financial Services, Can Fin Homes, Mahindra & Mahindra Financial Services, L&T Finance Holdings, Ujjivan Financial Services, LIC Housing Finance and ICICI Bank were up in the range of