Axis Bank Shares Falls Nearly 4%

Shares of Axis Bank slumped nearly 4 per cent on Thursday after the government said it will sell its entire stake in the lender.
     
The stock declined 3.54 per cent to settle at Rs 843.40 apiece on the BSE. 
     
On the NSE, it slipped 3.70 per cent to close at Rs 841.40 apiece.
     
In volume terms, 4.85 lakh shares were traded on the BSE and over 1.89 crore units on the NSE during the day. 
     
On Wednesday, The Specified Undertaking of the Unit Trust of India (SUUTI), under the Union government, said it plans to sell 4.65 crore shares representing 1.55 per cent stake in Axis Bank.
     
With the sale, the government would completely exit the private sector lender.
     
As of September 2022, the SUUTI held 4,65,34,903 shares representing 1.55 per cent stake in the bank.
     
The government, at the current market price, is expected to realise about Rs 4,000 crore from the share sale.
    
In May last year, the government sold of 1.95 per cent stake in Axis Bank held through SUUTI for a consideration of about Rs 4,000 crore.