Axis Bank Ltd.

Banking stocks took a turn for the worst after Moody’s Investors Service downgraded the standalone bank financial strength rating (BFSR) of three Indian banks-Axis Bank, HDFC Bank and ICICI Bank to D+ from C-. The rating actions took place in the context of an ongoing global review affecting all banks whose standalone ratings are higher than the rating of the government where they are domiciled, and they conclude the review that was initiated on April 30, 2012.

Axis Bank is currently trading at Rs 978.60, down by 22.75 points or 2.27% from its previous closing of Rs 1001.35 on the BSE. The scrip opened at Rs 1009.00 and has touched a high and low of Rs 1013.90 and Rs 975.55 respectively. So far 133415 shares were traded on the counter.

HDFC Bank is currently trading at Rs 500.75, down by 10.05points or 1.97% from its previous closing of Rs 510.80 on the BSE. The scrip opened at Rs 511.00 and has touched a high and low of Rs 512.00 and Rs 500.50 respectively. So far 49425 shares were traded on the counter.

ICICI Bank is currently trading at Rs 803.50, down by 9.45 points or 1.16% from its previous closing of Rs 812.95 on the BSE. The scrip opened at Rs 817.80 and has touched a high and low of Rs 830.00 and Rs 800.50 respectively. So far 229879 shares were traded on the counter.