Axis Bank shares fell 8 per cent, the worst performer on the Sensex, after the lender reported an 83 per cent fall in net profit to Rs.319 crore for the July-September quarter.
Shares of the third largest private sector lender fell 8.04 per cent on the BSE while the broader index was down less than one per cent. More than Rs.8,000 crore slipped into non-performing asset category during the second quarter which resulted in a provisioning of Rs.3,623 crore. “While bunching up of slippages in not a big concern to us, the management has indicated higher slippages from the watch list as against 60 per cent guided earlier,” JM Financial said.
