Axis Bank stock tumbles over 5% post Q1 earnings; market valuation erodes by Rs 19,816.9 cr
Jul 25, 2024, 16:24 IST
Axis Bank's stock tumbled over 5 per cent on Thursday after the company's June quarter earnings failed to cheer investors. The stock ended at Rs 1,175.35, lower by 5.19 per cent after tumbling 6.75 per cent to Rs 1,156 during the day on the BSE.
On the NSE, it slumped 5.08 per cent to settle at Rs 1,176.25.
The stock emerged as the biggest laggard among the Sensex and Nifty firms.
The company's market valuation diminished by Rs 19,816.9 crore to Rs 3,63,296.40 crore.
After a sharp fall in intra-day trade, the 30-share BSE Sensex settled 109.08 points or 0.14 per cent lower at 80,039.80 and the NSE Nifty dipped 7.40 points or 0.03 per cent to 24,406.10.
Axis Bank on Wednesday reported a 5.66 per cent rise in consolidated net profit for the June quarter at Rs 6,436 crore, restricted by challenges on the asset quality front.
On a standalone basis, the third biggest private sector lender reported a 4 per cent rise in net profit at Rs 6,035 crore.
The core net interest income grew 12 per cent to Rs 13,448 crore during the quarter on the back of the Net Interest Margin (NIM) staying stable at 4.05 per cent and 14 per cent growth in advances. The other income grew 14 per cent to Rs 5,783 crore during the quarter.
The bank witnessed a jump in gross slippages to Rs 4,793 crore during the quarter as against Rs 3,471 crore in the March quarter and Rs 3,990 crore in the year-ago period.
Analysts at domestic brokerage Stoxbox said the earnings are "muted" and the provisions are high.
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On the NSE, it slumped 5.08 per cent to settle at Rs 1,176.25.
The stock emerged as the biggest laggard among the Sensex and Nifty firms.
The company's market valuation diminished by Rs 19,816.9 crore to Rs 3,63,296.40 crore.
After a sharp fall in intra-day trade, the 30-share BSE Sensex settled 109.08 points or 0.14 per cent lower at 80,039.80 and the NSE Nifty dipped 7.40 points or 0.03 per cent to 24,406.10.
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On a standalone basis, the third biggest private sector lender reported a 4 per cent rise in net profit at Rs 6,035 crore.
The core net interest income grew 12 per cent to Rs 13,448 crore during the quarter on the back of the Net Interest Margin (NIM) staying stable at 4.05 per cent and 14 per cent growth in advances. The other income grew 14 per cent to Rs 5,783 crore during the quarter.
The bank witnessed a jump in gross slippages to Rs 4,793 crore during the quarter as against Rs 3,471 crore in the March quarter and Rs 3,990 crore in the year-ago period.
Analysts at domestic brokerage Stoxbox said the earnings are "muted" and the provisions are high.