The stock tanked 6.54 per cent to Rs 452.05 on BSE.
At NSE, it declined 6.43 per cent to Rs 452.65.
The stock was the biggest loser among blue-chips on both the Sensex and the Nifty during the morning trade.
Heavy loan losses continued to impact Axis Bank's profitability, with a 73 per cent decline in December net at Rs 580 crore, but the third-largest private lender said the "peak of the pain" is done with.
The Shikha Sharma-led bank had posted a net profit of Rs 2,175 crore in the year-ago period.
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