Axis Bank falls 2 per cent ahead of results

The third largest private sector bank, Axis Bank has fallen by 2 per cent as at 10.18 am.  Shares as at 11.55 am are trading at Rs 547.90. Shares have opened at Rs 558 but have taken a hit ever since. They are marginally down ahead of the results which the bank is poised to publish on July 22.

The scrip in the last 5 days has continued with its falling spree, falling 3 per cent. The shares in the last 6 months has given a return of 34 per cent. On July 20, the bank has reduced the base rate by 10 basis points (0.1 percentage) from the current 9.45 per cent to 9.35 per cent. This will be with effect from July 27, 2016.

The movement in the scrip is just because of the anticipated results. In Q4FY16, net profits had fallen by 1.22 per cent to Rs 2,154.28 crore from Rs 2,180.59 as compared to Q4FY15. Absolute gross non-performing assets were at Rs 6,087.51 crore at the end Q4FY16 from Rs 5,724 crore at the end of the Q3FY16. The shares could witness strong movement ahead of the results.

Axis Bank Ltd., is an Indian private bank. The bank is engaged in retail banking, personal banking, corporate banking, treasury and many other banking related services. The bank presently has a network of more than 1281 branches and over 6270 ATMs all over India.