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Morgan Stanley downgrades Axis Bank, shares fall

This article was posted on Sep 5, 2012 and is filed under Market News

Cuts target price on stock from Rs 900 to Rs 800. Morgan Stanley 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% of total loans in FY14.

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