Biggest Losers on Sensex & Other Indices: Axis Bank Tanks 4%, Against Market Mood | Techy Kings

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By Malvika Gurung

Investing.com — Shares of private sector lenders Axis Bank (NS: ) was down 3.75% at Rs 872 apiece at the time of writing after reaching 4% in early trade on Tuesday, led by a large volume following reports that private equity fund Bain Capital will reduce its stake in the banking major.

Axis Bank was the worst performing stock on the benchmark index , along with the sectoral index and , while being a significant loser on , bucking the market mood.

Various news reports stated that American private equity fund Bain Capital is likely to offload 1.24% stake in Axis Bank, acquiring a $410 million fund, about Rs 3,400 crore through a bulk deal on Tuesday.

Investment bank JP Morgan was the banker to the block deal, setting the floor price at Rs 888/share, a 2% discount to Monday’s closing price of Rs 906/share.

The amount, according to stock exchange data, indicates that the Bain Capital deal has been executed but the details of the transaction have not been confirmed, according to reports.

As of Sept 30, 2022, Bain Capital holds a 4.24% stake in the private lender through its entities – BC Asia Investments VII, BC Asia Investments III and Integral Investments South Asia IV.

Despite today’s decline, banking stocks have surged over 20% in the past month, outperforming the Sensex.

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