Axis Bank shares slumped over 4 per cent intraday on Monday after the private bank posted a steep 21 per cent decline in net profit at Rs 1,555.53 crore for the quarter ended June 30, 2016\u00a0against Rs 1978.44 crore in the corresponding quarter a year ago. At 10.08 am, stocks of the lender were trading 1.61 per cent down at Rs 528.90. The scrip opened at Rs 515 and has touched a high and low of Rs 534.60 and Rs 515, respectively, in trade so far.\u00a0However, the scrip\u00a0settled the day 0.14 per cent up at Rs 538.30. The bank's bad loans or non-performing assets (NPAs) rose to 59 per cent to Rs 4010.23 crore against Rs 2522.14 crore in the sequential quarter ended March 31, 2016. Net NPA figures stood at Rs 1461.29 crore in the corresponding quarter a year ago. According to Religare Capital Markets Ltd, Axis Bank first quarterly numbers were below estimates. The brokerage house has given a 'SELL' rating to the stocks for March 2017 with a target price of Rs 415. "Asset quality of the bank deteriorated sharply with absolute GNPAs\/NNPAs rising by around 60% QoQ driving GNPA\/NNPA ratio higher to 2.5% Non-interest income grew by 19% YoY largely on the back of higher treasury gains of Rs 9.1bn (Rs 6.5bn in Q1FY16). Fee income grew by 11% YoY. Operating cost \/ total income stood at 38.4%," Religare said.