Friday, 20 January 2017

Axis Bank nosedives over 6% on weak Q3

Shares of Axis Bank plunged over 6 per cent on the Bombay Stock Exchange after the private sector lender reported a sharp fall of 73.4 per cent in its net profit after tax at Rs 579.57 crore on year-on-year basis for the third quarter ended December 31, 2016, as its asset quality worsened.

Weighed down by disappointing earnings, shares of bank declined as much as 6.54 per cent to hit intra-day low of Rs 452.05 apiece on Bombay Stock Exchange. In a similar fashion, stocks of lender slipped 4.92 per cent to Rs 460.00 apiece on the National Stock ExchangeMeanwhile, the broader benchmark BSE Sensex was trading at 27,209.53, down 99.07 points, or 0.36 per cent.

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