Shares of India's major private sector lender IndusInd Bank slumped in the morning trade on Thursday, after the firm reported tepid results for the latest quarter. IndusInd Bank share price plunged by more than 2.9% to hit the day's low at Rs 1,554 on BSE. The bank had recorded a\u00a0 Rs 936.25 crore in the October-December quarter of last fiscal. Total income of the lender also increased to Rs 7,232.32 crore during the October-December 2018 as against Rs 5,473.54 crore over the corresponding period of the previous fiscal, IndusInd Bank said in a regulatory filing. IndusInd Bank's net profit rose 5.23% on-year\u00a0to Rs 985 crore\u00a0in the October-December period, according to IndusInd Bank's stock exchange filing. That\u2019s higher than the Rs 810 crore consensus estimate of analysts tracked by Bloomberg. Net interest income, or core income, of the bank, increased by 21% on a year to Rs 2,288 crore\u2014lower than the Rs 2,360 crore estimated. Net interest margin remained unchanged from last quarter at 3.83%. Also read:\u00a0Air India allows economy class flyers to bid for business class; also takes this step to cut costs Taking stock of the reported results, CLSA said that it was an earnings beat in the latest quarter, but of weaker quality. Normalisation of slippages and uptick in CASA growth is key. CLSA expects the core earnings trend to normalise from FY20. CLSA has a buy call on the shares, with a target price of Rs 1,910. The research firm noted that upside to FY19 estimates can arise from lower provisioning for IL&FS. \u201cWe are not hesitant to say we will make more contingency provisions if our assessment of the realisable value of assets in the company deserves more provisioning,\u201d Romesh Sobti, MD and CEO, IndusInd Bank said. He added that the full impact of IL&FS would be accounted for this quarter and credit costs will normalise starting next financial year. Citi has lowered FY19 profit estimate by 5% owing to the IL&FS provision. "The slippages at Rs 806 crore was largely on account of three midcap accounts," noted the research firm. CITI has a buy rating on the shares with a target price of Rs 1,980, implying a 23.2% upside potential from current levels.