Axis Bank shares slip nearly 4%; m-cap erodes by Rs 4,709 cr after Q1 results

Shares of Axis Bank today fell nearly 4 per cent after the private lender reported 46 per cent fall in net profit for April-June quarter.

The stock dropped 3.23 per cent to settle at Rs 550.10 on BSE. During the day, it went down by 3.59 per cent to Rs 548.

At NSE, shares of the company fell 3.76 per cent to close at Rs 548.20.

The stock was the worst hit among the blue chips on both the key indices.

The company's market valuation diminished by Rs 4,708.84 crore to Rs 1,41,265.16 crore.

On the equity volume front, 9.43 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day.

Axis bank yesterday reported 46 per cent fall in net profit to Rs 701.09 crore for June quarter due to increase in provisioning for bad loans.

The bank had registered a net profit of Rs 1,306 crore in the June quarter of 2017-18.

The lender's asset quality worsened as gross non-performing assets (NPAs) rose to 6.52 per cent as on June 30 of this year, from 5.03 per cent on June 30, 2017.

Likewise, net NPAs or bad loans increased to 3.09 per cent of advances furnished by June-end from 2.30 per cent a year ago.

The provisions and contingencies of the bank increased to Rs 3,337.70 crore as compared to Rs 2,341.93 crore in the same quarter of the previous year.