Axis Bank falls 7% as NPAs rise and results disappoint

Axis Bank has fallen nearly 7% in morning trade on BSE Sensex after it recorded an 83% fall in net profit for the second quarter ended September 30, 2016 and a sharp rise in non-performing assets. 

The bank announced its second quarter results on Tuesday October 25, 2016 where it said that its net profit stood at Rs 319 crore as against Rs 1915.64 crore in the same period of last year. Although its total income increased 14%, gross non performing assets (GNPAs) rose 71%. During the quarter, the bank added Rs 8,772 crore to Gross NPAs, and Recoveries and upgrades were Rs 1,073 crore and write-offs during the quarter were Rs 873 crore. 

ALSO READ: Axis Bank's net profit decline to Rs 319 crores; gross NPA rise by 71%

The bank was the wort performer on BSE500. 

At 9.30 am, its shares were trading at Rs 494.15 per share, down 6.60% on BSE Sensex.