Exit IDFC around Rs 90, says Ashu Madan

Ashu Madan, President - Core Client Group at Religare Securities told CNBC-TV18, "If we look at IDFC, the visibility of a future growth is a question mark though they have applied for a banking license. How it turns out to be is a different question. So because of that you may get to see some certain spikes, but the way the stock has been hammered and offloaded by FIIs, I don't think there would be a V-shaped or even a U-shaped recovery in the immediate future available."

"I don't have much hope as of now, and maybe some jump towards Rs 90 or around that one should exit because end of the day, there is an opportunity cost also and there is a cost of investment which you are putting into your money. So I am not too excited currently that there would be some major turnaround," Madan said.