Axis Bank shares drop nearly 4% after Q4 net loss

New Delhi:  Shares of Axis Bank on Wednesday dropped nearly Four per cent after the corporate reported a standalone net loss of Rs 1,387.78 crore for March quarter of 2019-20.

The scrip closed the day at Rs 438.85, 3.67 per cent decrease on the BSE. During the day, it declined 6.15 per cent to Rs 427.50.

On the National Stock Exchange (NSE), scrip fell 3.64 per cent to shut at Rs 438.85. During the day, it tumbled 6.47 per cent to Rs 425.95.

Axis Bank was the largest laggard among the many 30-share BSE index and NSE Nifty.

In traded quantity phrases, 20.89 lakh shares have been traded on the BSE and 6.15 crore models on the NSE throughout the day.?

Axis Bank on Tuesday reported a standalone net loss of Rs 1,387.78 crore for March quarter of 2019-20 as provisioning for unhealthy loans and contingencies soared.

The non-public sector lender had reported a net revenue of Rs 1,505.06 crore in the identical quarter of the earlier monetary 12 months.

Income throughout the newest quarter stood at Rs 20,219.57 crore. It was Rs 18,324.31 crore within the year-ago interval, Axis Bank mentioned in a regulatory submitting.

Provisions for unhealthy loans and contingencies within the fourth quarter of the final fiscal have been at Rs 7,730.02 crore. In the year-ago quarter the provisions stood at Rs 2,711.43 crore.

On consolidated foundation additionally, the lender posted a net loss of Rs 1,250.09 crore throughout the quarter ended March 2020. There was a net revenue of Rs 1,677.90 crore within the year-ago interval.

Gross non-performing belongings (NPAs) fell to 4.86 per cent of the gross advances as on March 31, 2020 from 5.26 per cent within the year-ago interval. 

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