Axis Bank shares snapped a 4-day losing streak

Private Sector lender Axis Bank snapped a 4-day losing streak on Thursday as investors made tentative purchases in a stock that has corrected nearly 30 percent from its most recent peak.

Axis Bank hit a record high of 655 rupees earlier in March. The selling pressure on the stock accelerated in the past month as investors exited the banking sector in droves on fears of a further rise in non performing assets in the face of an industrial slowdown.

Axis Bank rose 13 rupees, or 2.8 percent, to 482.45 rupees on the National Stock Exchange, where 42 lakh shares were traded compared with a 5-day average of 95 lakh shares. The bank's futures were the top gainers in the private banking space.

Axis Bank's market capitalisation has fallen 30 percent since March to 1.12 lakh crore rupees. The stock trades at 2.4 times its book value of 197 rupees.

Image credit: Indiatimes