(PTI) Shares of Axis Bank declined nearly 3 per cent in morning trade on Friday after the company reported a ₹5,361 crore loss on a consolidated basis for the January-March period.
The stock fell by 2.65 per cent to ₹857.65 on the BSE.
At the NSE, it dipped 2.41 per cent to ₹860.10.
The stock emerged as the biggest laggard on both the BSE Sensex and NSE Nifty during morning trade.
Axis Bank reported a ₹5,361 crore loss on a consolidated basis for the January-March period. It had reported a net profit of ₹4,417 crore a year ago, impacted by the ₹12,490 crore payout towards the Citi acquisition.
On a standalone basis, the third largest private sector lender reported a ₹5,728 crore loss. It had a net profit of ₹4,117 crore in the year-ago period, and ₹5,853 crore in the preceding December quarter.
The bank's core net interest income grew 33 per cent to ₹11,742 crore driven by a 0.73 per cent expansion in the net interest margin at 4.22 per cent and an over 20 per cent growth in advances.
The other income grew 16 per cent to ₹4,895 crore during the quarter.
Its managing director and chief executive Amitabh Chaudhry told reporters that the impact of acquiring Citi's retail businesses is a one-time one, and if one were to exclude the same, the net profit would have grown by over 61 per cent on a year-on-year basis.
