Axis Bank share price tumbles over 6% after Q1 earnings

Shares of Axis Bank tanked around 6 per cent on Friday (July 18) after the company reported a 3 per cent dip in June quarter consolidated net profit. At around 3:24 pm, shares of the bank tumbled 5.25 per cent to Rs 1,098.90 apiece. According to the NSE, the bank has total market cap of Rs 3,40,944.55 crore. Axis Bank Q1 Results On Thursday, Axis Bank reported a 3 per cent dip in its June quarter consolidated net profit at Rs 6,243.72 crore. On a standalone basis, the third largest private sector lender’s net profit declined to Rs 5,806 crore from the year-ago period’s Rs 6,034 crore, but was down sharply when compared with the quarter ago period’s Rs 7,117 crore. The bank’s core income showed low growth in the reporting period, but it was a Rs 614 crore hit brought about by what it called it a “technical impact” which hurt the profits.