Axis Bank shares slumped 8 per cent on Wednesday ay, eroding Rs 10,133 crore from its market valuation, after the company reported an 83 per cent plunge in its September quarter net profit.
The stock tanked 8.04 per cent to close at Rs 486.50 on BSE. During the day, it plunged 8.42 per cent to Rs 484.50.
At NSE, shares of the company plummeted 7.85 per cent to end at Rs 487.55.
Following the sharp decline in the stock, the company’’s market valuation tumbled by Rs 10,132.93 crore to Rs 1,16,297.07 crore.
On the volumes front, 26.99 lakh shares of the company were traded on BSE and over 3 crore shares changed hands at NSE during the day.
The stock was the worst performer among the blue-chips on both Sensex and Nifty.
“If recent gains in banks rode on hopes that we were at the end of the NPA cycle, Axis numbers have forced a rethink on the same. “Unsurprisingly, banks led the fall today, and with more banks about to announce Q2 figures, investors are waiting to see if Axis numbers can be dismissed as a one off case,” said Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services ltd.