Govt may lower SUUTI stake in Axis Bank by 0.7% to raise up to Rs 1,300 cr

It waited six months for the stock to touch Rs 600, and then took a call to offload stake. However, decision to lower stake in Axis Bank was taken last year

The government may cut 0.4-0.7 per cent more stake in Axis Bank held through Specified Undertaking of the Unit Trust of India(SUUTI), if the current upward movement in the private lender's stock continues, according to a key official.

The government, through SUUTI, has already lowered its stake in Axis Bank from 4.24 per cent on November 26 to 3.92 per cent as on December 4.

The government plans to lower its stake held through SUUTI in India’s third-largest private sector bank by 0.7-1 per cent. The government has already sold over 0.3 per cent stake in the lender and mopped up Rs