Axis Bank surges over 5% as lender quashes merger rumours
NEW DELHI: Shares of Axis Bank advanced over 5 per cent on Tuesday after Managing Director & CEO Shikha Sharma said reports about the bank considering a merger are baseless and the bank has a great story ahead on a standalone basis.
The scrip closed 5.20 per cent higher at Rs 505.60. The stock opened at Rs 482 and touched a high and low of Rs 508.90 and Rs 482, respectively. BSE benchmark Sensex closed 77.32 points, or 0.27 per cent, up at 28,738.
“We have a great story ahead on a standalone basis. We have got some great businesses whether it is in the retail, small business or large corporate side so we see no strategic advantage of any kind of acquisition and we certainly have not been approached by anyone. So I am surprised that Axis just seems to be getting hit with the whole lot of baseless speculative rumours all the time no truth to it,” Shikha Sharma told ETNow in an interview.
Axis Bank on Monday informed the bourses that reports related to the possible merger between the bank and Kotak Mahindra Bank were baseless.
The bank in January reported a 73 per cent decline in net profit at Rs 580 crore for the quarter ended December 31, 2016 compared with Rs 2,175 crore reported for the corresponding quarter last year.
The scrip closed 5.20 per cent higher at Rs 505.60. The stock opened at Rs 482 and touched a high and low of Rs 508.90 and Rs 482, respectively. BSE benchmark Sensex closed 77.32 points, or 0.27 per cent, up at 28,738.
“We have a great story ahead on a standalone basis. We have got some great businesses whether it is in the retail, small business or large corporate side so we see no strategic advantage of any kind of acquisition and we certainly have not been approached by anyone. So I am surprised that Axis just seems to be getting hit with the whole lot of baseless speculative rumours all the time no truth to it,” Shikha Sharma told ETNow in an interview.
Axis Bank on Monday informed the bourses that reports related to the possible merger between the bank and Kotak Mahindra Bank were baseless.
The bank in January reported a 73 per cent decline in net profit at Rs 580 crore for the quarter ended December 31, 2016 compared with Rs 2,175 crore reported for the corresponding quarter last year.
