Axis Bank sinks 6% in sharpest fall in 5 months; Motilal downgrades stock

Shares of Axis Bank slipped 6 per cent to Rs 1,020.85 on the BSE in Wednesday’s intra-day, its sharpest intra-day fall in past five months, after the bank’s net interest margin declined 10 bps sequentially and 25 bps year-on-year (YoY) to 4.01 per cent in December quarter (Q3FY24). The management suggested that funding costs will continue to inch up over the next two quarters.

Earlier on August 28, 2023, the stock price of private sector lender had declined 6.3 per cent. At 09:33 AM; Axis Bank was quoting 4 per cent lower at Rs 1,044.90, as compared to 0.04