Friday, April 27, 2018

Axis Bank reports first ever loss

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Axis Bank has reported its first-ever loss since listing at Rs 2,189 crore for the quarter ended March 2018. The bank had posted a profit of Rs 1,225 crore in the corresponding quarter last year.

The Shikha Sharma-led bank saw its provisions and contingencies spiking nearly threefold to Rs 7,180 crore in the fourth quarter against Rs 2,581 crore last year.

This is the first time that the bank has reported loss in its listing history.

The stock closed at Rs 491, down one odd percent. The delivery percent  and OI indicates, the stock may move up in today's trade

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