Avoid Axis Bank, says Prakash Diwan

Prakash Diwan of prakashdiwan.in told CNBC-TV18, "YES Bank is exactly where lot of conversions of interest is happening. A lot of money that is coming out of other private sector bank including Axis Bank, ICICI Bank and to a large extent Kotak Mahindra Bank who were not very happy with the space at which Kotak is growing, would probably put money into YES Bank and that is exactly why you are seeing quality paper being chased with more money and that is the reason why you would need to get worried.""Maybe in next quarter, if things don’t continue with the trajectory, same growth rate, the pricing will start getting more expensive but at this point, it is comfortable, the pecking order is HDFC Bank and YES Bank. Axis Bank is an avoid at this point in time," he said.