IndusInd Bank shares rebound after sharp correction last week. Should you buy?

IndusInd Bank shares rebounded 5% higher to close at INR 1,128.30 on Monday after the chief risk officer, Ramaswamy Meyyappan, tendered his resignation to join an MNC bank. The bank has identified a new CRO and is completing necessary formalities. Jefferies analysts retained their “Buy” rating on the bank, stating that Meyyappan’s resignation didn’t warrant the 5% correction in share prices on Friday 25 June, and the stock’s valuations remain attractive. IndusInd Bank’s standalone net profit rose 50% to INR 2,040 crore in Q4, while the net interest income rose 17% to INR 4,669 crore.