Axis Bank Shares Drop 4% On Surprise Loss

Shares in Axis Bank fell after the bank reported a net loss of Rs 1,388 crores for the March quarter owing to higher provisions. The bank had reported net profit of Rs 1,505 crore in the same period last fiscal.

Provisions at India's third largest private bank rose 18 per cent to Rs 7,730 crore during January-March.

Most analysts see the next few quarters as difficult for the banking sector. However, if the lockdown persists, it is highly possible that banks may have some serious challenges going forward.

The shares of Axis Bank were last seen trading at Rs 440 on the NSE.

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