Axis Bank share price fell as much as 7.4 percent in morning trade Wednesday as analysts slashed target price on the stock after the sharp spike in Q2 slippages.
While retaining buy call on the stock, Bank of America Merrill Lynch cut its target price to Rs 590 from Rs 650 per share and estimated Rs 12,000 crore of further new slippages in second half of FY18.
"We cut EPS forecasts by 34/13 percent for FY18/19 but good retail franchise value will drive back return on equities to 14/19 percent by FY19/20," the research house said.
While retaining buy call on the stock, Bank of America Merrill Lynch cut its target price to Rs 590 from Rs 650 per share and estimated Rs 12,000 crore of further new slippages in second half of FY18.
"We cut EPS forecasts by 34/13 percent for FY18/19 but good retail franchise value will drive back return on equities to 14/19 percent by FY19/20," the research house said.
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