Axis Bank gains as RBI lifts ban on FII purchase

Shares of Axis Bank has advanced over 1% to Rs 557 on the National Stock Exchange (NSE), after the Reserve Bank of India (RBI) lifted the restrictions placed on the purchase of shares of the bank by foreign investors.

The Reserve Bank of India (RBI) after trading hours yesterday announced that the restrictions placed on the purchase of shares of Axis Bank by foreign institutional investors (FIIs)/Registered Foreign Portfolio Investors (RFPIs) have been withdrawn with immediate effect as the total shareholding of FIIs/RFPIs in the private sector bank has gone below the threshold limit.

The stock opened at Rs 560 and touched a high of Rs 561 on the NSE.  At 10:05 AM, a total of  90,523 shares changed hands on the counter on the NSE.