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Morgan Stanley downgrades Axis Bank; shares fall

business Updated: Sep 05, 2012 11:24 IST

Reuters
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Morgan Stanley downgraded India's Axis Bank to "underweight" from "equal weight" and cut its target price on the stock to Rs 800 from Rs 900, citing rising impairments.

The investment bank expects the impaired loan formation of Axis Bank to rise to 4% of total loans in FY14.

Axis Bank shares fell 2.7% to 951.51 rupees by 9.35am.