Morgan Stanley downgrades Axis Bank; shares fall

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.

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.

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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.