Axis Bank declined 0.31% to Rs 494 at 11:30 IST on BSE after the bank said it has decided to reduce base rate by 35 basis points from 9.85% per annum to 9.5% per annum with effect from 5 October 2015.
The bank issued a press release after market hours yesterday, 30 September 2015.
Meanwhile, the S&P BSE Sensex was up 49.37 points or 0.19% at 26,204.20.
On BSE, so far 2.51 lakh shares were traded in the counter as against average daily volume of 8.1 lakh shares in the past one quarter.
The stock hit high of Rs 503.45 and low of Rs 490.40 so far during the trading session. The scrip had hit record high of Rs 655.35 on 4 March 2015. The scrip had hit 52-week low of Rs 370.15 on 7 October 2014.
Axis Bank said the effective rate applicable to various fund based credit and credit limits which are linked to the bank's base rate will reduce by 35 basis points accordingly.
After a policy meet on 29 September 2015, the Reserve Bank of India (RBI) had cut repo rate by more than expected 50 basis points. One percent is equal to 100 basis points.
Separately, Axis Bank also announced after market hours yesterday, 30 September 2015, that the board of directors has allotted 15,000 unsecured redeemable non convertible subordinated debentures (Basel - III compliant Tier II debentures) (series - 23) of the face value of Rs 10 lakh each for cash at par aggregating to Rs 1500 crore on a private placement basis. The debentures will be listed on the wholesale debt market segment of the BSE and National Stock Exchange of India. The debentures are rated "AAA" by CRISIL, CARE and ICRA.
Axis Bank's net profit rose 18.7% to Rs 1978.44 crore on 22.6% growth in total income to Rs 12234.41 crore in Q1 June 2015 over Q1 June 2014.
Axis Bank is one of the biggest private sector banks in India.
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