Axis bank tanks 3% on Enam arm buy

Early success on the bourses turned into a tragedy later in the day for investors.

Buoyed by its acquisition of Enam Securities private sector lender Axis Bank rose about three per cent in the early trade but surrendered its gains to end the day lower by 2.72 per cent today on profit- booking by investors amid a highly volatile trading on BSE.

Shares of Axis Bank closed at Rs 1,426.90,down by 2.72 per cent on the Bombay Stock Exchange (BSE) after rising by 2.8 per cent in early trade.

The shares slipped by 2.56 per cent to finish at Rs 1431.50 on the National Stock Exchange.

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In terms of volume,over 59 lakh shares of the company were traded on the bourses.

Axis Bank yesterday announced acquisition of investment banking and other businesses of Enam Securities for Rs 2,067 crore in an all-stock deal. Brokers said the private sector lender’s expansion plans enthused investors but a choppy market led to profit-booking by investors.

Among its peers,ICICI shed 3.14 per cent,HDFC Bank 0.84 per cent on BSE. The country’s largest lender SBI also declined by 0.55 per cent.

Meanwhile,the 30-share benchmark Sensex finished the day at 19,930.64,reflecting a gain of 65.50 points after a highly volatile trading.

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