Axis Bank plunges after Morgan Stanley downgrade

Axis Bankplunged on Wednesday after global firm Morgan Stanley "downgraded" Axis Bank to "underweight" from "equal weight" and cut its target price on the stock to Rs 800 from Rs 900, citing rising impairments. The investment bank expects the impaired loan formation of Axis Bank to rise to 4% of total loans in FY14.Shares of thebank are trading at Rs 946.15, down Rs 32.1, or 3.28% at the Bombay Stock Exchange (BSE) on Wednesday at 11:13 a.m.The scrip has touched an intra-day high of Rs 969 and low of Rs 945.10. The total volume of shares traded at the BSE is 244,069.In the earlier session, the shares rose 0.08%, or Rs 0.75, at Rs 978.25. Currently, the stock is trading down 27.72% from its 52-week high of Rs 1,309 and above 20.61% over the 52-week low of Rs 784.50.

Share Price Movement Period Pricein Rs Gain/(Loss) in Rs in % 1 Week 1,019.45 (41.20) (4.04) 1 Month 1,063.65 (85.40) (8.03) 3 Months 1,057.75 (79.50) (7.52) 6 Months 1,213.10 (234.85) (19.36) 1 Year 1,138.65 (160.40) (14.09) Note: Based on previous day closing price.