Axis Bank Ltd.

Insurance giant Life Insurance Corporation of India (LIC) has offloaded equity shares worth Rs 51 crore in India’s third largest private Bank, Axis bank, through open market transaction during last week. LIC has sold 260,612 shares or 0.056% stake in the bank between June 9 and June 12 via open market for Rs 51 crore. Post transaction, LIC’s holding in the Axis Bank declined to 12.55% from 12.60% earlier. As of March 31,2014, LIC the largest promoter in the bank, held 13.62% stake in the bank.

The bank has reported a rise of 18.47% in its net profit after tax at Rs 1842.32 crore for the quarter ended March 31, 2014 as compared to Rs 1555.15 crore for the same quarter in the previous year. Total income of the bank has increased by 12.41% at Rs 10178.63 crore for quarter under review as compared to Rs 9054.72 crore for the quarter ended March 31, 2013.