Shares of Axis Bank tanked as much as 29 percent intraday on March 23 in the biggest single-day wipeout since the novel coronavirus was first reported in India in late January.
The scrip has been on a decline since the last six consecutive sessions and has now hit a new 52-week low of Rs 302.05 on the BSE.
At 14:56 hrs, the private lender was quoting Rs 310.60, down 27.49 percent on the BSE.
Banking stocks have been under pressure since the widespread of Covid-19 as analysts expect the outbreak to hit the domestic and global economy, and also corporate earnings. This will, in turn, lead to higher NPAs for banks.
The novel coronavirus, which first emerged in the Chinese city of Wuhan in late 2019, has now spread to at least 192 countries and territories, killing more than 14,500 people and leaving hundreds of thousands in quarantine.
The highly infectious disease is spreading rapidly in Europe and the United States, forcing the shutdown of offices, schools, cafes, cinema halls and malls - basically upending normal life.
India is also seeing a steady rise in cases. So far, it has reported seven deaths and 415 active cases.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
