Axis Bank shares fall over 6% after lender reports Rs 1,388 cr net loss in January-March quarter

New Delhi: Shares of Axis Bank on Wednesday dropped over 6 percent 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 percent to Rs 427.50 at the BSE.

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

Axis Bank on Tuesday reported a standalone net loss of Rs 1,387.78 crore for the 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.

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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 a 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 percent of the gross advances as on 31 March, 2020 from 5.26 percent in the year-ago period.