Axis Bank slides as 1.3% stake worth Rs 3,654 crore changes hands

This comes after news that private equity firm Bain Capital was looking to sell 1.24 percent stake

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Shares of Axis Bank Ltd dropped more than 2 percent after 4.1 crore shares (1.3 percent equity) worth of Rs 3,654 crore changed hands at an average of Rs 894 apiece.

At 9:20 am, the stock was quoting at Rs 894 on the National Stock Exchange, down 1.3 percent.

Private equity firm Bain Capital was looking to sell 1.24 percent stake worth of $410 million or Rs 3,350 crore. The deal was likely to take place at a floor price of Rs 888 per share, which is a two percent discount to October 31 closing price, sources had told CNBC Awaaz.

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In 2017, Bain Capital had invested Rs 6,854 crore at Rs 525 a share, while the issue price of the convertible warrants stood at Rs 565.

Axis Bank on October 20 had posted a 70 percent year-on-year (YoY) rise in its net profit for the quarter ended September (Q2FY23). Net profit grew 29 percent sequentially.

Net interest income (NII) went up 31 percent YoY to Rs 10,360.3 crore. Net interest margin (NIM) was at 3.96 percent, a rise of 57 basis points YoY and 36 bps quarter on quarter.

Axis Bank has been among top performers on the Nifty Bank index. It is up 30 percent in 2022 so far while the Nifty Bank index is up 13 percent for the year.