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. His resignation followed shortly after Deputy CEO Arun Khurana also stepped down, deepening uncertainty around leadership stability. Brokerage firms have responded cautiously. JM Financial, which has a 'buy' rating on the stock with a target of ₹765, cut the bank's earnings per share (EPS) estimate by 8.9%, placing it among the worst affected. Motilal Oswal holds a 'neutral' view with a target price of ₹850, while BNP Paribas, though optimistic on the broader banking sector's earnings prospects for FY26, retained a negative rating on IndusInd Bank with a target of ₹860. BNP Paribas noted that margin expansion for large banks is likely to stabilize or improve in the second half of FY26.