Axis Bank Posts Rs 13.88 Billion Loss in the Fourth Quarter:- India's third-biggest private sector bank, Axis Bank posted a loss of Rs 13.88 billion rupees in its fourth-quarter after the economy is badly hit by coronavirus. The problems are worsened for the Indian banks after the coronavirus wave hit the country. Axis Bank booked Rs 77.30 billion for the quarter which is nearly three times higher than the period a year ago including Rs 30 billion towards coronavirus. The analysts expected a profit of Rs 15.56 billion for the first quarter of this year.
Axis Bank Tuesday reported that it would acquire 29% of the stake in Max Life Insurance for Rs 15.90 billion. Axis Bank already holds a minor stake in Max Life and decided to buy the shares from Max Financial Services Ltd which holds the major share in Max Life. After the deal was announced, the shares of Axis Bank closed at 6.6%. Reserve Bank of India asked the banks to announce moratorium of three months because of the coronavirus hit on home loans, personal loans, car loans and other loans.