Given that Axis Bank declared horrendous Q4 results and faced a leaderhip crisis, it would have been understandable if investors had stampeded out of the stock. Axis posted its first-ever net loss, of Rs 21.8 billion in January-March 2018. It would have been worse if the bank had not taken a tax write-back of Rs 13 billion. Gross non-performing assets (NPAs) soared to 6.77 per cent of all loans (up from 5.3 per cent in October-December 2017), rising by Rs 165 bn in the quarter. Net NPAs rose to 3.4 per cent (2.5 per cent in Q3). The chief executive
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