Axis Bank sheds 1.59% after hitting all-time high

Paring its early handsome gains, Axis Bank today closed lower by 1.59 per cent at the Bombay Stock Exchange as investors booked profits at attractive high levels.

Shares of Axis Bank had risen by 1.21 per cent to touch a life-time high of Rs 1,608 during the day after the bank reported 38 per cent growth in net profit for the September quarter.

Sharp gains, however, attracted profit booking and the scrip closed 1.59 per cent down at Rs 1,563.45 at BSE.

The private lender reported a growth of 38.28 per cent in net profit at Rs 735.14 crore for the September quarter.

"The bank has posted healthy results for the second quarter but the profits were marginally lower than our estimates due to higher operating expenses. However, our outlook for the company remains positive," India Infoline AVP Research Rajiv Mehta said.

On the National Stock Exchange, the scrip fell 1.81 per cent to Rs 1,560. In terms of volume, over 22.28 lakh shares of the company changed hands on the bourses.

Besides Axis Bank, shares of the other major banking companies also ended the day in the negative terrain.

ICICI Bank and HDFC Bank shed 1.76 per cent and 0.88 per cent respectively while the mortgage lender HDFC ended one per cent down on BSE. The country's largest bank SBI also declined by 1.07 per cent.

Meanwhile, the 30-share benchmark Sensex finished the day at 20,497.64, down 190.24 points from previous close.