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Morgan Stanley downgrades India's Axis Bank; shares fall

Source : REUTERS
Last Updated: Fri, Sep 07, 2012 04:22 hrs

MUMBAI, Sept 5 (Reuters) - Morgan Stanley downgraded India's Axis Bank to "underweight" from "equal weight" and cut its target price on the stock to 800 rupees from 900 rupees, citing rising impairments.

The investment bank expects the impaired loan formation of Axis Bank to rise to 4 percent of total loans in FY14.

Axis Bank shares fell 2.7 Pct to 951.51 rupees by 0935 a.m. (Reporting by Abhishek Vishnoi; Editing by Gopakumar Warrier)

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