IndusInd Bank share price added 4% in the early trade on June 3 despite Moody's downgrading the bank rating.

Moody's Investor Service (Agency) has downgraded bank's long-term local and foreign currency deposits rating Ba1 from Baa3 and its BCA to ba2 from ba1.

However, it kept the rating outlook negative.

Moody's have clarified that the key drivers for rating downgrade are caused due to economic disruptions caused by the coronavirus and the downgrade of the sovereign rating.

Moody's recently downgraded Indian government's issuer rating to Baa3 from  Baa2 with a negative outlook.

At 9:26 hours, IndusInd Bank was quoting at Rs 449.20, up to Rs 14.35, or 3.30% on the BSE.