IndusInd Bank share price gains 4% despite Moody's downgrades rating

IndusInd Bank share price added 4 percent in the early trade on June 3 despite Moody's downgrading the banks rating.

Moody's Investors Service (Agency) has downgraded bank's long-term local and foreign currency deposit ratings to Ba1 from Baa3 and its BCA to ba2 from ba1.

However, it kept the rating outlook negative.

Also Read - Moody's downgrades long-term issuer ratings of 8 Indian non-financial companies

Moody’s have clarified that the key drivers for rating downgrade are caused due to economic disruptions caused by the coronavirus and the downgrade of the sovereign rating.

Moody's recently downgraded Indian government's issuer rating to Baa3 from Baa2 with a negative outlook.

At 09:26, hrs IndusInd Bank was quoting at Rs 449.20, up Rs 14.35, or 3.30 percent on the BSE.