 "The Mumbai-based lender on Tuesday reported a pre-tax loss of Rs 1,878.91 crore in the last quarter of this financial year (Q4FY20), against a pre-tax profit of Rs 2,303 crore in the year-ago quarter")
Shares of Axis Bank declined 6.1 per cent to Rs 427.5 on the BSE on Wednesday after the bank made massive Rs 7,730 crore provisions in the March quarter of FY20 (Q4FY20), of which Rs 3,000 crore worth provisions were due to coronavirus (Covid-19)-induced uncertainty. This pushed the bank in the red zone, with the lender posting a surprise Rs 1,388-crore net loss in the recently concluded quarter.
At 10:10 am, the stock was trading 5 per cent lower at Rs 432.35 apiece on the BSE, as against a 0.84 per cent rise in the benchmark S&P BSE Sensex.
At 10:10 am, the stock was trading 5 per cent lower at Rs 432.35 apiece on the BSE, as against a 0.84 per cent rise in the benchmark S&P BSE Sensex.
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