NSE Nifty ended 1.74 pc higher at 11,319.60, while the benchmark BSE Sensex closed up 1.72 pc at 38,177.95.
On the BSE, the stock of the company fell 4.73 per cent to its lower circuit limit of Rs 3.02, which was also its 52-week low.
The 30-share index was trading 36.04 points or 0.10 per cent higher at 37,568.02.
According to experts, market has been witnessing profit-booking post the recent rally on account of corporate tax cut.
Shares of the private sector lender rose 4.15 per cent to Rs 43.85 on the BSE.
On the BSE, the Ashok Leyland stock slumped 5.29 per cent to Rs 64.50.
The index was trading 72.68 points, or 0.19 per cent, lower at 37,600.63.
Investors are cautious and watchful about the earnings season which at this juncture looks less enthusiastic.
After opening nearly 300 points higher, the 30-share index gave up all the gains to turn negative after the RBI announcement.
Top losers in the Sensex pack included Kotak Bank, Bharti Airtel, L&T, PowerGrid, ITC, HDFC Bank, Tata Motors among others.