Why Axis Bank’s Share Price Rose 21% in Three Days?

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Axis Bank s share

Axis Bank’s share price, which stood at Rs 336.95 on 22 May, reached an all-time high of Rs 407.25 on intraday today, a return of 20.86% for three consecutive sessions.

Axis Bank’s stock has gained nearly 21% in three days amid global private equity (PE) firm Carlyle Group likely to invest around $ 1 billion in a private sector lender. The share price of Axis Bank which stood at Rs 336.95 on 22 May reached a high of Rs 407.25 today, yielding a return of 20.86% in three consecutive sessions. Axis Bank’s stock reached a high of Rs 407.25 today compared to the previous close of Rs 387.35 on BSE.

The market capitalization of the bank stood at Rs 1.13 lakh crore. The stock is trading above the 5-day and 20-day moving average, but is below the 50-day, 100-day and 200-day moving average. Axis Bank stock has gained 12.78% in one week.

However, the Axis Bank’s share has fallen 46.56% since the beginning of this year and has lost 50.18% during the last one year.

According to analyst recommendations tracked by Reuters, 35 stocks out of 47 brokerages rate “Buy” or “Outperform” and 12 at “Hold”. The stock hit a 52-week high of Rs 826 on 6 June 2019 and Rs 285 on 25 March this year.

Axis Bank’s share : The stock on the Nifty rose 5.16% to Rs 407 against the previous close of Rs 387. A report by The Economic Times stated that the lender has started discussions with the Carlyle Group on capital infusion.

“The talks have been going on for almost a month. Axis stock has become volatile. In recent weeks, brass has been warming up to the idea of ​​another deep-pocketed investor,” the newspaper quoted a source as saying.

However, in clarifying the creditors, the lender stated that the newspaper report was speculative.

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“We would like to clarify that the news item is speculative and the bank has not taken any such decision in this regard. Any such disclosure is not required to be done under Reg.30 of the Listing Regulations and the Bank Exchange Will duly keep. Axis Bank stated that when and if a decision is taken in this matter, it is informed.