 "Axis Bank branch closed during a raid by Income Tax officials in the Chandni Chowk in New Delhi")
Shares of Axis Bank tanked over 6% after the private lender reported a whopping 73% decline in net profit at Rs 580 crore in the December quarter on account of rise in bad loans.
It had reported net profit of Rs 2,175 crore in the same quarter of last fiscal year.
Axis Bank's portfolio quality deteriorated, with gross non-performing assets (NPAs) rising to 5.22% of gross advances as against 1.68% in the same quarter of the previous fiscal year.
Its net non-performing assets also jumped to 2.18%, from the earlier 0.75%.
Reacting to its quarterly earnings, the stock slipped as much as 6.54 to
