Shares of Axis Bank took a major hit today, January 17, shedding by 6% to touch a 52-week low. This sharp decline followed the bank’s announcement of its third-quarter results for the financial year 2024-25 (Q3FY25), leaving many investors on a cautious note.
Axis Bank Q3: Market reaction – A 52-week low
Axis Bank, which had closed at Rs 1,040.20 on Thursday (January 16), opened Friday’s session at Rs 1,006.95 on the BSE and at Rs 1,000 on NSE.
The stock continued its downward spiral, hitting an intraday low of Rs 974.45, marking its 52-week low today, during the intra-day trading session.
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As of 1:13 PM IST, the lender’s stock was trading at Rs 988.10 apiece, a decline of 4.81% during the intraday trading session.
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Axis Bank Q3: Earnings miss market expectations
Axis Bank shares plunged after the Q3 earning. In the Q3FY25, Axis Bank reported a 3.8% increase in consolidated net profit, reaching Rs 6,304 crore. This figure, although higher than the Rs 6,071 crore reported during the same period last year, fell short of analysts expectations.
Axis Bank Q3: Brokerages view Axis Bank Q3: Kotak Institutional Equities – Buy rating as valuations too attractive
Kotak Institutional Equities is bullish, maintaining a “BUY” rating with a target price of Rs 1,500. It further in its report highlighted the bank’s 15% operating profit growth and stable net interest margin (NIM) of 3.9%.
The brokerage expects the stock’s current discount to HDFC Bank and ICICI Bank to narrow as investor confidence grows.
The private lender’s financial performance of Q3FY25 has drawn a mixed response from brokerages. Although some see long-term potential, while others highlight near-term challenges, stemming from weak growth and rising slippages.
Axis Bank Q3: Elara Securities – Retains BUY despite weak performance
Elara Securities maintains a “BUY” rating with a reduced target price of Rs 1,386,
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