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Jan 16, 2013, 11.32 AM IST
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.
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