ING Vysya falls on earnings, Credit Suisse downgrade

Jul 23 2014, 12:06 IST
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SummaryING Vysya Bank falls as much as 6.7 percent after April-June net profit declines 18 percent from year earlier.

ING Vysya Bank falls as much as 6.7 percent after April-June net profit declines 18 percent from year earlier.

Credit Suisse downgrades the stock to "neutral" from "outperform" and cuts price target to 573 rupees from 710 rupees.

"We expect NIMs (net interest margins) may come under further pressure as the bank is raising share of large corporates in the loan book," Credit Suisse said.

Shares in the company were down 3.5 percent to 594.95 rupees at 0516 GMT.

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