Fitch affirms Axis Bank at 'BB+', Outlook Negative

Fitch Ratings has affirmed Axis Bank Limited's Long-Term Issuer Default Rating (IDR) at 'BB+'. The Outlook is Negative. The agency has also affirmed the bank's Viability Rating (VR) at 'bb'. In line with the updated Bank Rating Criteria, we have assigned Axis a Government Support Rating (GSR) of 'bb+'.

Fitch recently revised the outlook on the operating environment (OE) for Indian banks to stable from negative, reflecting a better recovery than we expected in business and economic activity following a second wave of Covid-19 infections. The 'bb' OE score is higher than the implied score of 'b', reflecting our view that India's economy will generate sustainable business growth opportunities.

Economic growth and regulatory measures should support modest improvements in Indian banks' financial profiles over the next 12-24 months, even though challenges remain.

Shares of Axis Bank Limited was last trading in BSE at Rs. 650.85 as compared to the previous close of Rs. 661.80. The total number of shares traded during the day was 413318 in over 17872 trades.

The stock hit an intraday high of Rs. 665.00 and intraday low of 649.30. The net turnover during the day was Rs. 271022415.00.

Source : Equity Bulls

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