Monday, 23 January 2017

India's Axis Bank slumps after Dec-qtr results



** Axis Bank Ltd shares down by as much as 6.44 pct, biggest intraday loss since Nov. 9, 2016

** India's third-biggest private sector lender by assets said on Thursday third-quarter net profit tumbled 73 percent as provisions for bad loans jumped.

** Axis Bank provided glimpses of what it means managing a large balance sheet through demonetization with asset quality risks - weak loan growth, spread compression & higher provisioning led to lower profits.

** Contributes to majority of losses on the index in early trade

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