Axis Bank turns ex-stock split; stock gains 2%
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Shares in Axis Bank is trading higher by 2% at Rs 406 in otherwise subdued market on the Bombay Stock Exchange (BSE). The stock of private sector lender is turned ex-stock split today.
The stock is the largest gainer among 30-share index S&P BSE Sensex at 1034 hours.
The bank said it has fixed July 30, 2014 as record date for the purpose of ascertaining the eligible shareholders who would be entitled to receive 5 equity shares of nominal value of Rs 2 each in lieu of 1 equity share of nominal value of Rs 10 each of the bank on sub-division.
The stock opened at Rs 403 (adjusted to stock split) and touched a high of Rs 407 so far. A combined 2.28 million shares changed hands on the counter so far on BSE and NSE.
Meanwhile, the stock has outperformed the market by surging 57% so far in the currently calendar year 2014 compared to 24% rise in the benchmark index.
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