Sell IDFC Bank, says Ashu Madan

Ashu Madan of Religare Securities told CNBC-TV18, "Overall if you look at the banking sector it is under stressed and if you look at IDFC, I think it is highly overbought. Pre-merger every single person I know got in to it and I think last couple of months I have been giving calls to exit both IDFC and IDFC Bank.""Now at a current price I would still say exit is the option. Probably it was not the stock to enter into but all said and done some point in time you have to take a hard call to book that loss. I mean level to be Rs 48 or Rs 50 or probably at this current level also.""I don’t see any major thing happening even if somebody is holding for a long-term. Even if somebody wants to hold a long-term then switch into probably some other stock or sector instead of being into IDFC," he added.