Axis Bank drops after cutting base rate

Axis Bank lost 3.01% to Rs 548.60 at 09:23 IST on BSE, after the bank announced a reduction in its base rate by 10 basis points to 9.85% per annum from 9.95% with effect from 30 June 2015.

Meanwhile, the BSE Sensex was down 514.82 points or 1.85% at 27,282.34

On BSE, so far 28,091 shares were traded in the counter, compared with an average volume of 8.06 lakh shares in the past one quarter.

The stock hit a high of Rs 553 and a low of Rs 540 so far during the day. The stock hit a record high of Rs 655.35 on 4 March 2015. The stock hit a 52-week low of Rs 361.40 on 11 July 2014.

The large-cap private sector bank has an equity capital of Rs 474.99 crore. Face value per share is Rs 2.

Accordingly, the effective rate applicable to various fund based credit and credit limits which are linked to the bank's base rate will reduce by 10 basis points, Axis Bank said in a press release on Friday, 26 June 2015.

Axis Bank's net profit rose 18.4% to Rs 2180.59 crore on 21.7% growth in total income to Rs 12384.39 crore in Q4 March 2015 over Q4 March 2014.

Axis Bank is a leading private sector bank in India.

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