Axis Bank shares drop nearly 4 pc after Q4 net loss

New Delhi, Apr 29 () Shares of Axis Bank on Wednesday dropped nearly 4 per cent after the company 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 lower at 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 close at Rs 438.85. During the day, it tumbled 6.47 per cent to Rs 425.95.

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

In traded volume terms, 20.89 lakh shares were traded at the BSE and 6.15 crore units on the NSE during 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 bad loans and contingencies soared.

The private sector lender had reported a net profit of Rs 1,505.06 crore in the same quarter of the previous financial year.

Income during the latest quarter stood at Rs 20,219.57 crore. It was Rs 18,324.31 crore in the year-ago period, Axis Bank said in a regulatory filing.

Provisions for bad loans and contingencies in the fourth quarter of the last fiscal were at Rs 7,730.02 crore. In the year-ago quarter the provisions stood at Rs 2,711.43 crore.

On consolidated basis also, the lender posted a net loss of Rs 1,250.09 crore during the quarter ended March 2020. There was a net profit of Rs 1,677.90 crore in the year-ago period.

Gross non-performing assets (NPAs) fell to 4.86 per cent of the gross advances as on March 31, 2020 from 5.26 per cent in the year-ago period. SUM SHWSHW