Shares of IndusInd Bank gained 4 percent on Thursday after brokerage firm Goldman Sachs acquired 41 lakh shares or 0.65 percent equity in the previous trading session. Goldman Sachs Singapore Pte picked up shares worth over Rs 176 crore in the private sector lender through an open market transaction at Rs 430 per share.

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The stock rose as much as 4.1 percent to Rs 441.80 on the BSE. In the last three trading days, the stock has surged 12 percent as compared to a 2.3 percent decline in the benchmark Nifty 50 index.

The stock has gained 87 percent from its 52-week low of Rs 235.55, hit on March 20, 2020.

Earlier, on April 7, Singapore-based investment banking firm UBS Principal Capital Asia bought 5.38 million shares, or 0.85 percent stake, in the private lender at Rs 367 per share.

Moody's Investors Service placed IndusInd Bank's ratings under review for downgrade on concerns of asset quality. The rating action reflects the downside risks to asset quality amid the deteriorating macroeconomic environment and financial market volatility, the rating agency said in a note.

India Ratings, the Indian subsidiary of Fitch Group, also revised downwards its outlook to 'negative' from 'stable'.

The private sector lender also reported a 7 percent decline in deposits during the March quarter due to withdrawals triggered by the Yes Bank crisis. Deposit base of the bank declined to Rs 2,02,303 crore in the quarter ended March as against Rs 2,16,713 crore in the previous quarter, the bank said on April 7.