Axis Bank Shares Plummet Amid Profit Dip
Axis Bank shares dropped over 7% after revealing a 3% decrease in June quarter net profit. This financial performance fell short of market expectations and led to a notable dip in stock value. The bank's asset quality deterioration contributed significantly to the profit decline.
- Country:
- India
Shares of Axis Bank suffered a substantial fall on Friday, plunging over 7% following the release of lackluster financial results for the June quarter.
The bank reported a 3% decline in consolidated net profit, leading to a widespread market reaction and a notable decrease in stock value.
Industry experts cited the deterioration in asset quality and changes in non-performing asset policies as key reasons for the negative performance.
(With inputs from agencies.)
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