UBS on Indusind Bank

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Maintains 'Sell'; Cuts Target Price To ₹600 From ₹770

Weak Visibility Into A Likely Very Challenging Year

Multiple Overhangs To Drive Further De-Rating

Deposits Flow, New CEO And External Auditor Report To Be Key Signposts

Cut EPS By 14% For FY26 & 15% For FY27on Lower Margins & Higher Credit Costs

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