Succession woes: The Reserve Bank of India logo is pictured outside its head office in Mumbai. India’s central bank has yet to approve the new CEO for IndusInd Bank. – Reuters
MUMBAI: After more than a decade of share price outperformance, the skies have darkened for IndusInd Bank Ltd, as the Indian lender faces challenges from worsening asset quality to a transition to new leadership.
IndusInd has a hefty exposure to India’s troubled telecommunications sector as well as to real estate, where several developers are struggling amid the country’s prolonged shadow banking crisis. Further uncertainty stems from a coming leadership change, with chief executive officer Romesh Sobti, 69, due to stand down at the end of March after a dozen years at the helm.
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