ICICI Bank, Axis Bank edge lower

ICICI Bank and Axis Bank lost 0.64% to 1.67% at 11:57 IST on BSE on reports that both these banks along with Standard Chartered Plc are seeking to sell-off some of the about $3.5 billion in loans extended to Essar Group's holding company Essar Global

ICICI Bank (down 0.64% at Rs 271.65) and Axis Bank (down 1.67% at Rs 465.35) edged lower. Standard Chartered Plc (up 1.65% at Rs 67.80) edged higher.

Meanwhile, the S&P BSE Sensex was down 64.41 points or 0.24% at 26,488.51.

According to reports, Standard Chartered, ICICI Bank and Axis Bank approached Russia's VTB Group to gauge its interest in buying a portion of their loans to the Ruia brothers' holding company Essar Global. According to media reports, the Essar Group has piled up billions of dollars in loans across banks in India and the UK to finance various projects, including steel plants, refineries, and power plants.

Axis Bank's net profit rose 18.9% to Rs 1915.64 crore on 13.8% 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.

ICICI Bank's net profit rose 11.9% to Rs 3030.11 crore on 8.2% growth in total income to Rs 16106.22 crore in Q2 September 2015 over Q2 September 2014.

ICICI Bank is one of the leading private sector banks in India.

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