Axis Bank slips after RBI halts further FII share purchase

Axis Bank fell 1.76% to Rs 1442.90 at 9:51 IST on BSE after the central bank restricted foreign institutional investors from buying additional shares in the company as their shareholding has reached the limit.

Meanwhile, the BSE Sensex was up 75.20 points, or 0.34%, to 22,521.64.

On BSE, so far 44,000 shares were traded in the counter, compared with an average volume of 10.82 lakh shares in the past one quarter.

The stock hit a high of Rs 1,459.50 and a low of Rs 1,438.50 so far during the day. The stock hit a 52-week high of Rs 1,549 on 20 May 2013. The stock hit a 52-week low of Rs 764 on 4 September 2013.

The stock had outperformed the market over the past one month till 1 April 2014, rising 16.03% compared with the Sensex's 6.28% rise. The scrip had also outperformed the market in past one quarter, rising 13.71% as against Sensex's 6.18% rise.

The large-cap private sector bank has an equity capital of Rs 469.84 crore. Face value per share is Rs 10.

On Tuesday, 1 April 2014, the Reserve Bank of India (RBI) notified that the foreign share holding by Foreign Institutional Investors (FIIs) in Axis Bank has crossed the overall limit of 49% of its paid-up capital. Therefore no further purchases of shares of this company would be allowed through stock exchanges in India on behalf of FIIs.

As at 30 September 2013, FIIs held 43.18% stake in Axis Bank.

Axis Bank's net profit rose 19.06% to Rs 1604.11 crore on 9.94% growth in total income to Rs 9433.55 crore in Q3 December 2013 over Q3 December 2012.

Axis Bank is the third largest private sector bank in India. The bank also has overseas offices in UK, Singapore, Hong Kong, Shanghai, Colombo, Dubai and Abu Dhabi.

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