Morgan Stanley has 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 per cent of total loans in FY14.
Axis Bank shares fell 2.7 per cent to Rs 951.51 by 09.35 a.m.
Copyright Thomson Reuters 2012
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