Recently AXIS Bank is in the news as its branches are being raided like no other banks. And also a regional newspaper report stating authorities were preparing to revoke the bank’s license. Later RBI came with clarification that it hasn’t initiated any steps to cancel Axis Bank’s licence over money laundering.
First Post Writes,
Axis Bank naturally is now facing a crisis of confidence. To be sure, the bank itself is not to blame for the cupidity of some of its officials whom it has for good measure suspended and banished from scene. It is also unfortunate that crooks have found the banking system’s soft underbelly in one particular bank
AXIS Bank opens gap down on 12th Dec 2016 post the rumors from regional newspaper report and rumors spread through various social media channels especially on whatsapp. But check how the stock price behaved it almost bottomed out post the market rumors around Axis bank. And sentiment on AXIS Bank is till to date is really bad however stock price rose from 442 to 478 despite all the negative sentiments.