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Axis Bank shares tank on higher provisions

Jul 31, 2019 13:26 IST

Axis Bank shares plunged over 4% on Wednesday despite the firm reporting 95% jump in Q1 profit year on year to ₹1,370 crore. The scrip was trading at ₹678 per share at 1:00 pm. Shares of the bank dropped after it reported over 14% increase in provisions and higher slippages at ₹4,798 crore in the April-June quarter. Separately, brokerage firms slashed target price but maintained buy for the Axis Bank stocks on weaker asset quality. Morgan Stanley rated the stock 'overweight' and said slippages will reduce in the next quarter. CLSA rated the stock 'buy' but slashed target price to ₹900 from ₹1000 while Jefferies cut the target price to ₹885 from ₹910.