Business Companies 20 Jan 2017 Axis Bank tanks 6.5 ...

Axis Bank tanks 6.5 per cent after sharp drop in profit

PTI
Published Jan 20, 2017, 12:53 pm IST
Updated Jan 20, 2017, 12:54 pm IST
The compnay reported a sharp 73 per cent decline in December net profit.
The stock od Axis bank  tanked 6.54 per cent to Rs 452.05 on BSE.
 The stock od Axis bank tanked 6.54 per cent to Rs 452.05 on BSE.

New Delhi: Shares of Axis Bank plunged 6.5 per cent today after the company reported a sharp 73 per cent decline in December net profit. The stock tanked 6.54 per cent to Rs 452.05 on BSE.

At NSE, it declined 6.43 per cent to Rs 452.65. The stock was the biggest loser among blue-chips on both the Sensex and the Nifty during the morning trade. Heavy loan losses continued to impact Axis Bank's profitability, with a 73 per cent decline in December net at Rs 580 crore,  but the third-largest private lender said the "peak of the pain" is done with. The Shikha Sharma-led bank had posted a net profit of Rs 2,175 crore in the year-ago period.

 

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