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Why Axis Bank’s Shares Boom to Upper Levels Today

Axis Bank has cleared the debt of the companies sent for banking operation. Axis Bank has stated that it is owed in 8 out of 12 loans sent to the Company Law Tribunal and the bank has provisioned 50 percent of the cost for the loan. The total outstanding amount on these 8 companies is Rs 5071 crore. Out of this amount, only Rs. 212 crores are non-fund based. Axis Bank also said that there is provision of Rs. 2497 crores in lieu of debt on the total outstanding amount. Axis Bank's stock has seen strong growth in this news.
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