Axis Bank stock sinks 6% on weak Q3 show

Stocks hit 52-week low; brokerages slash price targets

- SACHIN KUMAR

AXIS BANK'S SHARE price plunged 6% intraday, hitting a fresh 52-week low of ₹974.45 on the Bombay Stock Exchange (BSE), a day after the private lender announced its third-quarter results. In response to the disappointing performance, several brokerages lowered their price targets, citing factors such as a sharp rise in slippage and credit costs, muted deposit growth, net interest margin (NIM) contraction, and lower fee income.

Among the Sensex shares, it was the second worst performer and the biggest loser in the BSE Bankex, which dropped 1,026 points or 1.8%. The stock ended 4.7% lower in the BSE at ₹991 per share.