Axis Bank shares gained as much as 2.41 per cent on Monday after the Reserve Bank of India on Friday increased limit for foreign shareholding in the third-biggest private sector lender to up to 74 per cent from 62 per cent earlier.
The share price of Axis Bank closed 0.94 per cent up at Rs 570.05. The scrip opened at Rs 571.80 and touched a high and low of Rs 576.85 and Rs 568.35, respectively, in trade.
Read more: LIVE STOCK MARKET COVERAGE
“Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest from existing 62 per cent up to 74 per cent of the paid-up capital of Axis Bank under the Portfolio Investment Scheme (PIS)”, the central bank said in a notification.
For the quarter ended March 31, 2016, Axis Bank reported net profit of Rs 2154.28 crore, down 1.21 per cent, against Rs 2180.59 crore in the corresponding quarter a year ago.