Shares of Axis Bank ended nearly 3 per cent lower today after the company reported 16 per cent decline in net profit for the first quarter ended June 30.
The stock settled at Rs 528.85, down 2.90 per cent on BSE. During the day, it lost 3.6 per cent to Rs 525.
At NSE, shares of the company dipped 2.95 per cent to close at Rs 528.85.
The stock was the worst performer on both the key indices.
Led by the drop in the stock price, the company's market valuation fell by Rs 3,777.9 crore to Rs 1,26,775.10 crore.
On the volume front, 7.75 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day.
Private sector lender Axis Bank yesterday reported 16.06 per cent decline in net profit to Rs 1,306 crore for the first quarter ended June 30, as bad loans almost doubled during the period.
The bank had registered a net profit of Rs 1,556 crore in the June quarter of 2016-17.
Revenues of the bank, however, rose to Rs 14,052.30 crore during the said quarter compared to Rs 13,852.18 crore in the year-ago period, Axis Bank said in a regulatory filing.
The lender's asset quality worsened as gross non- performing assets (NPAs) almost doubled to 5.03 per cent as on June 30 this year, from 2.54 per cent on June 30, 2016.
Likewise, net NPAs or bad loans increased to 2.30 per cent of net advances furnished by June-end from 1.08 per cent a year earlier.
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