UBS downgrades Axis Bank to 'neutral' from 'buy'

UBS-DOWNGRADES-AXIS-BANK:UBS downgrades Axis Bank to 'neutral' from 'buy'

UBS downgraded Axis Bank to "neutral" from "buy", citing "increasing" quality risks, "muted" earnings growth and a 28 percent share price increase in the Indian lender so far this year.

UBS also cut its price target on the stock to 1,100 rupees from 1,220 rupees in a report on Friday.

Axis Bank shares were down 0.5 percent at 1,008.00 rupees as of 0351 GMT.