Axis Bank Surges As RBI Raises FII limit to 62%
Shares of Axis Bank BSE -0.44 % surged over 2 per cent in trade to become the top gainer on the BSE Sensex in Wednesday’s trade.
The reaction comes after the Reserve Bank of India has allowed the bank to raise its FPI/FII limit to 62 per cent from 49 per cent.
“Foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest from the existing 49% up to 62%of the paid-up capital of Axis Bank under the portfolio Investment Scheme (PIS)”, RBI said in a notification.
Reacting to the news , the scrip jumped 2.69 per cent to hit a high of Rs 529.50 on the BSE. The stock has gained 16.33 per cent in the year so far.
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