Axis Bank share has fallen after two days of gain 
Special 
Axis Bank share has fallen after two days of gain Axis Bank share price plunged over 6% in early trade today after the lender reported a 7.79% fall in Q4 net profit.
Share price of Axis Bank lost 6.16% to Rs 427.75 compared to the previous close of Rs 455.55 on BSE.
The stock opened 5.17% lower at Rs 432.
Total 7.70 lakh shares changed hands amounting to turnover of Rs 33.62 crore on BSE.
The large cap stock hit its 52 week high of Rs 826.55 on June 6, 2019 and 52 week low of Rs 285 on March 25, 2020.
Market capitalisation of the firm stood at Rs 1.22 lakh crore.
Axis Bank share has fallen after two days of gain.
The large cap stock has lost 42.85% during the last one year and fallen 42.38% since the beginning of this year. However, it has gained 20.78% in last one month.
The stock is trading higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages
37 of 45 brokerages rate the stock "buy" or 'outperform', seven "hold" and one "underperform", according to analysts' recommendations tracked by Reuters.
On Nifty, the stock slipped 6.47% to Rs 425.95 against previous close of Rs 455.45.
Axis Bank reported a standalone net loss of Rs 1,387.78 crore for March quarter of 2019-20 as provisioning for bad loans and contingencies soared. The private sector lender had reported a net profit of Rs 1,505.06 crore in the same quarter of the previous financial year.
Income during the latest quarter stood at Rs 20,219.57 crore. It was Rs 18,324.31 crore in the year-ago period, Axis Bank said in a regulatory filing.
Provisions for bad loans and contingencies in the fourth quarter of the last fiscal were at Rs 7,730.02 crore. In the year-ago quarter the provisions stood at Rs 2,711.43 crore.
For the fourth quarter ended March 31, 2020, the bank reported a net loss of Rs 1,387.78 crore versus net profit of Rs 1,505.06 crore for the corresponding period last year, due to higher provisioning amid coronavirus pandemic. The private sector lender said its provisions rose sharply to Rs 7,730 crore in Q4FY20, from Rs 3,471 crore in Q3FY20.
Net interest income increased 19.31 per cent YoY to Rs 6,808 crore in Q4 FY20, while net interest margin for Q4 FY20 improved to 3.55 per cent from 3.44 per cent during Q4 FY19.
For last fiscal, the bank reported a 65 per cent decline in its net profit at Rs 1,627 crore compared to Rs 4,677 crore during FY19. The profit was impacted by higher provisions taken in FY20 and the one time deferred tax assets (DTA) charge in Q2 to incorporate revised corporate tax rates, the bank said in a regulatory filing.
"Adjusted for these one-offs, net profit for FY20 would have been Rs 5,182 crore, up 11 per cent year-on-year (YOY) basis," Axis Bank said in a filing to the Bombay Stock Exchange.
Oil prices jump as US stockpiles rise at a steady pace
Stocks in news: Axis Bank, Atul, JK Paper, NLC India, L&T, PNB Housing, Biocon, Thomas Cook and more
Moody's cuts India's growth forecast to 0.2% for 2020
Copyright©2025 Living Media India Limited. For reprint rights: Syndications Today
