Axis Bank slips on buzz Govt to sell a part of its stake

Axis Bank fell 3.42% to Rs 416.05 at 12:43 IST on BSE on reports the government is mulling selling part of its stake in the private sector bank.

Meanwhile, the BSE Sensex was down 475.41 points, or 1.87%, to 24,930.92.

On BSE, so far 6.31 lakh shares were traded in the counter, compared with an average volume of 7.10 lakh shares in the past one quarter. The stock hit a high of Rs 425 and a low of Rs 413.85 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 413.85 on 7 January 2016. The stock had underperformed the market over the past one month till 6 January 2016, sliding 6.43% compared with 0.90% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 14.97% as against Sensex's 5.67% fall.

The large-cap private sector bank has an equity capital of Rs 475.79 crore. Face value per share is Rs 2.

According to reports, the government is considering the sale to meet its asset sales target.

The Government of India (GoI) through the Specified Undertaking of the Unit Trust of India (SUUTI) held 11.56% stake in Axis Bank as per the shareholding pattern as on 30 September 2015.

Axis Bank's net profit rose 18.93% to Rs 1915.64 crore on 13.75% growth in total income to Rs 12001.01 crore in Q2 September 2015 over Q2 September 2014.

Axis Bank is one of the biggest private sector banks in India.

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