Axis Bank corrects on profit taking

Axis Bank fell 1.17% to Rs 626.65 as the counter witnessed some bit of profit taking after a recent steep rise.

Shares of the private lender had gained 5.22% in the past four sessions to end at Rs 634.05 yesterday (9 December 2020), from its recent closing low of Rs 602.60 recorded on 3 December 2020.

During the same period, the benchmark Nifty 50 index rose 3% while the nifty bank index added 4.28% during the same period.

For second time this month, the government has pared some of Specified Undertaking of The Unit Trust of India (SUUTI)'s stake in Axis Bank.

The Specified Undertaking of The Unit Trust of India (SUUTI) sold 91,96,282 shares (equivalent to 0.3% stake) of Axis Bank worth Rs 571.55 crore between 7th and 9th of December 2020. Following the transaction, SUUTI holds 3.62% in the private lender.

SUUTI had sold shares 61,43,308 shares (equivalent to 0.2% stake) of Axis Bank worth Rs 374.21 crore on between 2nd and 4th of December 2020.

On 26th and 27th of November 2020, it had sold 36,25,075 shares (equivalent to 0.12% stake) of the private lender worth Rs 221.47 crore.

As on 30 September 2020, SUUTI, one of the promoters of the private lender, held 4.33% stake or 12.96 crore shares of the bank.

Axis Bank reported a net profit of Rs 1,683 crore in Q2 September 2020 as against net loss of Rs 112 crore in Q2 September 2019. Total income during the quarter rose 2.8% year-on-year (YoY) to Rs 19,870.07 crore in Q2FY21.

As on 30 September 2020, Axis Bank had a network of 4,568 domestic branches and extension counters situated in 2,582 centres along with 11,821 ATMs and 5,606 cash recyclers spread across the country.

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