Axis Bank shares jump to 11-month high as FII limit raised

Axis Bank shares gained as much as 1.76 per cent in the early trade on Monday and touched their highest level since August 11, 2015. The scrip gained after the Reserve Bank of India on Friday increased limit for foreign shareholding in the third-biggest private sector lender to up to 74 per cent from 62 per cent earlier.

At 10.39 am, shares of Axis Bank were trading 1.52 per cent up at Rs 573.35. The scrip opened at Rs 571.80 and has touched a high and low of Rs 574.70 and Rs 569, respectively, in trade so far.

“Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest from existing 62 per cent up to 74 per cent of the paid-up capital of Axis Bank under the Portfolio Investment Scheme (PIS)”, the central bank said in a notification.

For the quarter ended March 31, 2016, Axis Bank reported net profit of Rs 2154.28 crore, down 1.21 per cent, against Rs 2180.59 crore in the corresponding quarter a year ago.

Axis Bank