Shares of Axis Bank Ltd fell more than 2% after 4.1 crore shares (1.3% share capital) worth Rs 3,654 crore changed hands at an average price of Rs 894 per share.

The stock was quoted at Rs 894 on the National Stock Exchange at 9:20 am, down 1.3%.

Private equity firm Bain Capital wants to sell a 1.24% stake worth $410 million or Rs 3,350 crore. CNBC Awaaz reported that the deal could be carried out at a floor price of Rs 888 per share, 2% below the closing price on October 31.

In 2017, Bain Capital invested Rs 6,854 crore at Rs 525 per share, while the convertible warrants were issued at Rs 565.

On October 20, Axis Bank reported a 70% year-on-year increase in net profit for the quarter that ended September (Q2FY23). Net profit increased by 29% month-on-month.

Net interest income (NII) rose 31% year-on-year to Rs 10,360.3 crore. Net interest margin (NIM) was 3.96%, up 57 basis points year-on-year and 36 basis points month-on-month.

Axis Bank has consistently topped the Nifty Bank Index. It is up 30% so far in 2022, while the Nifty Bank index is up 13% this year.