 "Axis Bank sheds 8 percent on MSCI exclusion, RBI restriction")
Shares in Axis Bank today ended 8 percent lowet after MSCI said it would exclude the bank from its standard and large cap indexes.
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Axis shares also came under pressure after the Reserve Bank of India said on Wednesday overseas investors will not be allowed to purchase additional shares given the foreign shareholding limit has been breached.
The Reserve Bank of India (RBI) on Wednesday barred further purchases of share in Axis Bank through stock exchanges in India on behalf of Global Depository Receipt (GDR)/Asset Development Reserve (ADR)/Foreign Direct Investment (FDI)/Non resident Indian (NRI)/Persons of Indian Origins (PIOs)/Foreign Institutional Investors.
Since last one year, Axis Bank shares have risen nearly 4 percent as against nearly 5 percent fall in the Bank Nifty the broader index for banking stocks.
Agencies