UBS downgraded Axis Bank to “neutral” from “buy”, citing “increasing” quality risks, “muted” earnings growth and a 28 percent share price increase in the Indian lender so far this year.
UBS also cut its price target on the stock to Rs 1,100 from Rs 1,220 in a report on Friday.
Axis Bank shares were down 0.5 percent at Rs 1,008.00.
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