Axis Bank shares drop 3 pc post-earnings announcement; market valuation erodes by Rs 12,877.91 cr

Shares of Axis Bank ended 3 per cent lower on Monday after its March quarter earnings failed to cheer investors. The stock dropped 3.05 per cent to settle at Rs 1,324.50 on the BSE. During the day, it declined 4.76 per cent to Rs 1,301. At the NSE, the stock edged lower by 3 per cent to Rs 1,324.20. The company's market valuation eroded by Rs 12,877.91 crore to Rs 4,11,729.55 crore. Axis Bank's consolidated net profit for the March quarter inched up 1.89 per cent to Rs 7,631.72 crore, as the lender set aside Rs 2,001 crore towards the potential impact of the West Asia war on its loan book. On a standalone basis, the third-largest private-sector lender's net profit for the March quarter fell to Rs 7,071.31 crore from Rs 7,117.50 crore in the year-ago period. Its core net interest income moved up 5 per cent to Rs 14,457 crore in the reporting quarter on a 19 per cent growth in advances, but was restricted by a 0.35 per cent compression in the net interest margin to 3.62 per cent. The other income came at Rs 6,023 crore, down 11 per cent year-on-year. It made a standard asset provision of Rs 2,001 crore towards any impact the Middle East conflict may have on its assets.

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