Oct
28
Axis Falls Most Among Asia Banks as Bad Debt Weigh on Profit
By-
Slump in bank’s shares is most in more than two months
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Sale of stressed assets raises concern bad loans to rise
Axis Bank Ltd., India’s third-largest private-sector bank by assets, slumped the most in two months in Mumbai stock trading amid concern its soured debt will rise further.
The lender fell as much as 8.7 percent, the biggest intraday drop since Aug. 24, after reporting in a Tuesday filing that it had sold 18.5 billion rupees ($284 million) of stressed assets to asset-reconstruction companies. The stock traded 7.3 percent lower as of 3:16 p.m. local time, the sharpest decline among the Bloomberg Asia Pacific Banks Index’s 56 members…
Axis Falls Most Among Asia Banks as Bad Debt Weigh on Profit
