At 09:34 am; Hinduja Group
stocks had recovered partially from their early morning losses with IndusInd Bank
was trading 1.8 per cent lower at Rs 473.45, while Ashok Leyland down 0.55 per cent at Rs 53.80 on the BSE. In comparison, the S&P BSE Sensex was down 0.50 per cent at 34,695 points.
Hinduja Global Solutions, on the other hand, is trading in green - up 1 per cent at Rs 640, after hitting an intra-day low of Rs 630 so far. The stock was down 3.5 per cent on Wednesday.
The legal battle in the Hinduja family, which could result in a partition of family assets, is likely to delay their plan to increase stake in IndusInd Bank. The bank is promoted by holding companies IndusInd International Holdings and IndusInd, which are predominantly controlled by Ashok Hinduja, the youngest among the four Hinduja brothers, according to a Business Standard
Promoters of IndusInd Bank have increased their stake from 14.34 per cent in the March quarter to 14.93 per cent through a warrant conversion earlier this month and open market share purchases, the report said. CLICK HERE TO READ FULL REPORT
Meanwhile, the board of directors of the Company is scheduled to meet today, June 25, 2020 to consider and approve the audited financial results of the Company for the quarter and year ended March 31, 2020.