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Jan 16, 2013, 11.32 AM IST | Source: Moneycontrol.com

Axis Bank slips after hitting 52-week high in early trade

Axis Bank, the third biggest private sector lender in India, slipped into red due to profit booking after hitting a new 52-week high of Rs 1,429.45 in early trade on Wednesday.

Axis Bank , the third biggest private sector lender in India, slipped into red due to profit booking after hitting a new 52-week high of Rs 1,429.45 in early trade on Wednesday.

Shares gained 0.5 percent in an initial trade after the foreign research firm CLSA has recommended a buy rating on the stock with a target price of Rs 1,670 following better-than-expected results in the third quarter of current financial year 2012-13.

"While asset quality was stable, topline growth continues to lag due to compression in margins and a slowdown in fee growth," CLSA explained.

At 11:23 hours IST, the stock declined 0.73 percent to Rs 1,412 on profit booking on Bombay Stock Exchange.
 
In the previous trading session, the share rallied 2.64 percent to close at Rs 1,422.45.

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