Nifty Bank Index Falls Over 1%; Axis Bank Drops 7%

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The Nifty Bank index was down over 1% and Nifty Private Bank index was down 1.6% led by the sharp fall in Axis Bank, which fell 7% after the bank announced its results after market hours on Tuesday.Shares of most banks fell sharply and bank indices are seen in the negative territory. To start with, Axis Bank posted the quarterly results where it missed street estimates as NII for the quarter was 4.5% below street estimates of Rs 4741 crore. Also, net profit for the quarter was almost 66% down from street estimates of Rs 1,298 crore.

The Nifty Bank index was down over 1% and Nifty Private Bank index was down 1.6% led by the sharp fall in Axis Bank, which fell 7% after the bank announced its results after market hours on Tuesday.

ICICI Bank, Yes Bank, SBI, IDFC Bank, Bank of Baroda and Canara Bank were also losing in trade.

Axis Bank Ltd is currently trading at Rs 473.85, down by Rs 39.35 or 7.67% from its previous closing of Rs 513.2 on the BSE. The scrip opened at Rs 490 and has touched a high and low of Rs 490 and Rs 472.15 respectively.

ICICI Bank Ltd is currently trading at Rs 263.5, down by Rs 10.4 or 3.8% from its previous closing of Rs 273.9 on the BSE. The scrip opened at Rs 268.4 and has touched a high and low of Rs 268.5 and Rs 263 respectively.

State Bank of India is currently trading at Rs 245.7, down by Rs 5.45 or 2.17% from its previous closing of Rs 251.15 on the BSE. The scrip opened at Rs 246 and has touched a high and low of Rs 247.95 and Rs 242.5 respectively.

On the NSE, 753 stocks were advancing, compared with 824 stocks declining and 394 stocks remaining unchanged.

Benchmark Nifty50 was 43 points down at 10,191, while Sensex was 104 points down at 32,505 around the same time.

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