Axis Bank shares take a nosedive

Shares of Axis Bank on September 23 were the news which not only grabbed investors' attention but also dragged the Sensex down. The Bank on September 23 closed at Rs 557.40, down by 5.84 per cent, making it a severe fall in the last 11 months.

According to some media houses, government may start selling some of its stake in the lender soon. Till the end of Q1FY17, Government of India owned 11.51 per cent in Axis via the Specified Undertaking of Unit Trust of India, or SUUTI. The government is currently hiring merchant bankers for divesting stakes held under SUUTI.

Shares of the company in the last 5 days have fallen over 7 per cent. On the contrary in the last 6 months, shares have given a return of 27 per cent. Recently, it informed the bourses that it will declare its Q2FY17 numbers on October 25. Further many investors are looking at the fall as a buying opportunity but the rest are still waiting to get further clarity from the Bank. The stock would be closely watched on September 26 as it is also one of the major contributor in the S&P BSE Sensex.