I am having a few issues with my Indy, when decelerating it jumps in and out of gear, into neutral and back, jerking quite harsh.

It only happens when on over run, under acceleration it is fine.

I suspect clutch and basket.

Any thoughts greatly appreciated.

the stopper lever could be damaged, or the shift drum. this would mean it could jump out, cause on de acceleration its off load...
the jerking may suggest the clutch is okay, cause all the changes in speed are being put to the wheels.
whip the shift shaft cover off and you should be able to see if somethings up. same with the clutch...

ooh and pics please!

[Edited on 11/3/11 by A1]