Axis Bank shares drop over 6% on Rs 1,387.78 crore loss

New Delhi: Shares of Axis Bank on Wednesday dropped over 6 per cent in early trade after the company reported a standalone net loss of Rs 1,387.78 crore for March quarter of 2019-20.

The scrip declined 6.15 per cent to Rs 427.50 at the BSE.

At the National Stock Exchange (NSE), it fell 6.47 per cent to Rs 425.95.

Axis Bank on Tuesday reported a standalone net loss of Rs 1,387.78 crore for March quarter of 2019-20 as provisioning for bad loans and contingencies soared.

The private sector lender had reported a net profit of Rs 1,505.06 crore in the same quarter of the previous financial year.

Income during the latest quarter stood at Rs 20,219.57 crore. It was Rs 18,324.31 crore in the year-ago period, Axis Bank said in a regulatory filing.

Provisions for bad loans and contingencies in the fourth quarter of the last fiscal were at Rs 7,730.02 crore. In the year-ago quarter the provisions stood at Rs 2,711.43 crore.

On consolidated basis also, the lender posted a net loss of Rs 1,250.09 crore during the quarter ended March 2020. There was a net profit of Rs 1,677.90 crore in the year-ago period.

Gross non-performing assets (NPAs) fell to 4.86 per cent of the gross advances as on March 31, 2020 from 5.26 per cent in the year-ago period.