Axis Bank gains as RBI lifts ban on purchases by foreign investors

Axis Bank advanced 1.34% to Rs 558.05 at 09:25 IST on BSE, after the Reserve Bank of India lifted the restrictions placed on the purchase of shares of the bank by foreign investors.

Meanwhile, the BSE Sensex was down 2.84 points or 0.01% at 26,834.36

On BSE, so far 51,182 shares were traded in the counter, compared with an average volume of 8.24 lakh shares in the past one quarter.

The stock hit a high of Rs 560.30 and a low of Rs 555.15 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 350 on 16 June 2014.

The large-cap private sector bank has an equity capital of Rs 474.93 crore. Face value per share is Rs 2.

The Reserve Bank of India (RBI) after trading hours yesterday, 3 June 2015, 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shares of Axis Bank by foreign institutional investors (FIIs)/Registered Foreign Portfolio Investors (RFPIs) have been withdrawn with immediate effect as the total shareholding of FIIs/RFPIs in the private sector bank has gone below the threshold limit.

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.

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