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Axis Bank slips 2% after 1.2% equity changes hands on BSE via block deal

At 09:15 AM, around 38.99 million shares representing 1.2 per cent of total equity of Axis Bank changed hands on the BSE, the exchange data shows.

Buzzing stocks | Axis Bank | Market trends

SI Reporter  |  Mumbai 

Axis Bank

Shares of slipped 2.4 per cent to Rs 883.80 on the BSE in Tuesday’s intra-day trade after over 1 per cent equity of the private sector lender changed hands via block deal.

At 09:15 AM, around 38.99 million shares representing 1.2 per cent of total equity of changed hands on the BSE, the exchange data shows. The names of the buyers and sellers were not ascertained immediately.

According to media reports, the private investment firm was likely to sell a portion of its stake in on Tuesday through a block deal.

The floor price was likely to be set at Rs 888 per share, a 2 per cent discount to Axis Bank's closing price on Monday. The shares were to be sold by BC Asia Investments, an affiliate of . holds a 4.24 per cent stake in Axis Bank through its affiliates. READ MORE

Meanwhile, despite of today’s decline, in past one month, Axis Bank has outperformed the market by surging 21 per cent, as compared to 6 per cent rise in the S&P BSE Sensex. The stock had hit an all-time high of Rs 920 on October 27, 2022, after the bank beat Street's September quarter earnings' expectations across parameters by a wide margin.

Axis Bank saw its strongest quarter with core earnings beating estimates by around 14 per cent led by beat on NIM, fees and asset quality. NIM boost was driven by better loan yields that was a function of higher repo linked pool, increased retail share, focus on rupee loans and shedding of RIDF bonds.

Loan growth too was better at 4.2 per cent QoQ mainly led by corporate/SME although deposit growth was slower. Asset quality improved again with lower slippages driving GNPA decline of 26bps QoQ while OTR reduced by 11bps to 0.65 per cent, analyst at Prabhudas Lilladher said in result update. The brokerage firm maintains ‘buy’ rating on the stock with target price of Rs 1,080 per share.

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First Published: Tue, November 01 2022. 09:49 IST