File photo. (Reuters)

Axis Financial institution Shares Drop Over 6% After This autumn Internet Loss

Shares of Axis Financial institution on Wednesday dropped over 6 per cent in early commerce after the corporate reported a standalone internet lack of Rs 1,387.78 crore for March quarter of 2019-20.

The scrip declined 6.15 per cent to Rs 427.50 on the BSE.

On the Nationwide Inventory Trade (NSE), it fell 6.47 per cent to Rs 425.95.

Axis Financial institution on Tuesday reported a standalone internet lack of Rs 1,387.78 crore for March quarter of 2019-20 as provisioning for dangerous loans and contingencies soared.

The personal sector lender had reported a internet revenue of Rs 1,505.06 crore in the identical quarter of the earlier monetary 12 months.

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

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

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

Gross non-performing property (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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