Axis Bank Stock Takes Hit Amid Profit Dip

Axis Bank shares fell over 5% after the firm reported a 3% drop in June quarter net profit. The stock became the biggest laggard on both Sensex and Nifty. Market valuation eroded by Rs 18,808.81 crore, with a noted increase in gross non-performing assets.

Shares of Axis Bank plummeted over 5% on Friday after the company announced a 3% decline in its consolidated net profit for the June quarter.

The stock was the biggest underperformer among the Sensex and Nifty group, highlighting investor concerns over deteriorating asset quality.

Market valuation suffered significantly, losing Rs 18,808.81 crore, as analysts noted a decline in core income driven by technical impacts.

(With inputs from agencies.)