Shares of Axis Bank today plunged nearly 10 per cent, eroding Rs 11,709 crore from its market valuation, following rise in bad loans in the September quarter of the current fiscal.

The stock slumped 9.52 per cent to settle at Rs 464.35 on BSE. During the day, it plummeted 10 per cent to Rs 461.65.

On NSE, shares of the company tanked 9.48 per cent to close at Rs 464.50.

The company’s market valuation also dropped by Rs 11,709.33 crore to Rs 1,11,338.67 crore.

In terms of equity volume, 38.56 lakh shares of the company were traded on BSE and over 4 crore shares changed hands at NSE during the day.

The stock was the worst performer among the bluechips on both the key indices during the day.

Private sector lender Axis Bank yesterday reported nearly 36 per cent increase in net profit at Rs 432 crore for the second quarter, 2017-18, despite a rise in bad loans.

The bank had posted net profit of Rs 319 crore for the July-September period of 2016-17.

Total income increased to Rs 13,821 crore in the period under review from Rs 13,698.7 crore for the quarter ended September 30, 2016, Axis Bank said in a statement.

The gross non-performing assets (NPAs) of the bank rose however to 5.90 per cent, as against 4.17 per cent in the year-ago period.

The net NPA also inched up to 3.12 per cent as against 2.02 per cent in the same quarter of the previous fiscal.

In absolute terms, the gross NPAs shot up to Rs 27,402 crore at the end of September this year as compared to Rs 16,379 crore at the end of the second quarter of the previous year.

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