Axis Bank Shares Tumble Over 9% After Bleak Q2 Earnings
Shares of Axis Bank on Wednesday (18 October) tumbled over 9 per cent following rise in bad loans in the second quarter ended September 30.
The stock after making a weak opening further tanked 8.51 per cent to Rs 469.50 on BSE. At NSE, shares of the company plummeted 9.35 per cent to Rs 465.15.
The stock was the worst performer among the bluechips on both the key indices during the morning trade.
Private sector lender Axis Bank on Tuesday (17 October) reported a nearly 36 per cent increase in net profit at Rs 432 crore in the second quarter ended September despite rise in bad loans.
The bank had posted a net profit of Rs 319 crore for the July-September period of 2016-17.
Total income increased to Rs 13,821 crore in the period under review from Rs 13,698.7 crore for the quarter ended September 30, 2016, Axis Bank said in a statement.
During the quarter, gross non-performing assets (NPAs) of the bank rose to 5.90 per cent as compared to 4.17 per cent in the same period a year ago.
At the same time, the net NPA also inched up to 3.12 per cent as against 2.02 per cent in the same quarter of the previous fiscal. As a result, the gross NPA shot up in absolute terms to Rs 27,402 crore at the end of September as compared to Rs 16,379 crore at the end of the second quarter of the previous year.
(PTI)
