Mumbai: Morgan Stanley downgraded Axis Bank (AXBK.NS) to "underweight" from "equal weight" and cut its target price on the stock to 800 rupees from 900 rupees, citing rising impairments.

Sensex down nearly 85 pts in early trade

The investment bank expects the impaired loan formation of Axis Bank to rise to 4 percent of total loans in FY14.

Axis Bank shares fell 2.7 percent to 951.51 rupees by 0935 a.m.


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