Axis Bank Gains over 1% as RBI Lifts Ban on FII Purchase

By Religare
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    Shares of Axis Bank rose over 1 per cent in early trade on National Stock Exchange (NSE) after the Reserve Bank of India (RBI) lifted the restrictions placed on the purchase of shares of the bank by foreign investors.

    Axis Bank Gains over 1% as RBI Lifts Ban on FII Purchase

    The Reserve Bank of India (RBI) after trading hours on Wednesday announced that the restrictions placed on the purchase of shares of Axis Bank by foreign institutional investors (FIIs)/Registered Foreign Portfolio Investors (RFPIs) have been withdrawn with immediate effect as the total shareholding of FIIs/RFPIs in the private sector bank has gone below the threshold limit.

    Reacting to the news, shares of the bank gained 1.04 per cent to Rs 556.40 a piece on National Stock Exchange.

    In a similar trend, shares of the bank surged 1.01 per cent to Rs 556.45 a piece on National Stock Exchange.

    Meanwhile, the broader benchmark BSE Sensex was trading at 26,856.50, up 19.30 points, or 0.07 per cent, at 11:29 hours.

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