Shares of Axis Bank ended nearly 3 per cent lower today as the company has reported 16 per cent decline in net profit for the first quarter ended June 30, 2017.
The stock settled at Rs 528.85, down 2.9 per cent on the BSE. During the day, the stock lost 3.6 per cent to Rs 525. On the NSE, the shares dipped 2.95 per cent to close at Rs 528.85.
The stock was the worst performer on both the key indices. Led by the drop in stock price, Axis Bank's market valuation fell Rs 3,777.9 crore to Rs 1,26,775.10 crore.
On the volume front, 7.75 lakh shares were traded on the BSE and over one crore shares changed hands on the NSE during the day.
Private sector lender Axis Bank had yesterday reported 16.06 per cent decline in net profit at Rs 1,306 crore for the first quarter ended June 30, as bad loans almost doubled during the period.
The bank had registered a net profit of Rs 1,556 crore in the June quarter of 2016-17.
Revenues of the bank, however, rose to Rs 14,052.30 crore during the quarter compared with Rs 13,852.18 crore in the year-ago period, Axis Bank said in a regulatory filing.
The lender’s asset quality worsened as gross non-performing assets (NPAs) almost doubled to 5.03 per cent as on June 30 this year from 2.54 per cent on June 30, 2016.
Likewise, net NPAs or bad loans increased to 2.30 per cent of net advances furnished by June—end from 1.08 per cent a year earlier.