Axis Bank is trading lower by 1.3% at Rs 1,449 on the NSE after the Reserve Bank of India (RBI) restricted foreign institutional investors (FIIs) from buying additional shares in the bank as their shareholding has reached the limit.
The stock opened at Rs 1,458 and touched a low of Rs 1,437 on the National Stock Exchange (NSE). The country’s third largest private sector bank is the largest loser among the NSE banking share index Bank Nifty at 1145 hours.
The shareholding of FIIs in Axis Bank has crossed the limit of 49% of its paid-up capital, the RBI said in a release.
"Therefore no further purchases of shares of this company would be allowed through stock exchanges in India on behalf of FIIs," the RBI said.
The stock opened at Rs 1,458 and touched a low of Rs 1,437 on the National Stock Exchange (NSE). The country’s third largest private sector bank is the largest loser among the NSE banking share index Bank Nifty at 1145 hours.
The shareholding of FIIs in Axis Bank has crossed the limit of 49% of its paid-up capital, the RBI said in a release.
"Therefore no further purchases of shares of this company would be allowed through stock exchanges in India on behalf of FIIs," the RBI said.
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