The primary reason behind this divergence lies in a negative outlook issued by Moody's Investors Service. In a regulatory filing, IndusInd Bank disclosed that Moody's reaffirmed its credit rating but downgraded the bank's baseline credit assessment (BCA) and adjusted BCA to 'ba2' from 'ba1', while revising the outlook to 'negative'. Adding to investor concerns, Crisil also placed the bank's long-term debt instruments under 'Rating Watch with Negative Implications', though it maintained the short-term rating at 'Crisil A1+'. The stock's pressure was further exacerbated by a recent shake-up in its top management. The bank's MD and CEO, Sumant Kathpalia, resigned following concerns related to accounting irregularities in its derivatives portfolio.