Axis Bank shares drop over 6 pc after Q4 net loss

April 29, 2020 11:42

Shares of Axis Bank on Wednesday dropped over 6 per cent in early trade after the company reported a standalone net loss of Rs 1,387.78 crore for March quarter of 2019-20. The scrip declined 6.15 per cent to Rs 427.50 at the BSE. At the National Stock Exchange, it fell 6.47 per cent to Rs 425.95. Axis Bank on Tuesday 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. -- PTI

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