Morgan Stanley downgrades Axis Bank; shares fall
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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.

business Updated: Sep 05, 2012 11:24 IST
Reuters

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.

First Published: Sep 05, 2012 10:33 IST