Axis Bank tanks 6.5% after sharp drop in profit

Shares of Axis Bank plunged 6.5 per cent today after the company reported a sharp 73 per cent decline in December net profit.

Shares of Axis Bank plunged 6.5 per cent today after the company reported a sharp 73 per cent decline in December net profit.

Shares of Axis Bank plunged 6.5% on Friday after the company reported a sharp 73 per cent decline in December net profit (HT Archive)

The stock tanked 6.54 per cent to Rs 452.05 on BSE.

At NSE, it declined 6.43 per cent to Rs 452.65.

The stock was the biggest loser among blue-chips on both the Sensex and the Nifty during the morning trade.

Heavy loan losses continued to impact Axis Bank’s profitability, with a 73 per cent decline in December net at Rs 580 crore, but the third-largest private lender said the “peak of the pain” is done with.

The Shikha Sharma-led bank had posted a net profit of Rs 2,175 crore in the year-ago period.