India sells nearly half its Axis Bank stake

The government raises $912 million through India's largest block deal this year.

India sells nearly half its Axis Bank stake

Axis Bank’s share price slipped as much as 3.3% in Friday’s morning session as India’s government sold a 55.6 billion rupee $912 million stake in the bank to the market in India’s largest block deal this year.

The government, which is the largest shareholder in the bank through a trust called the Specified Undertaking of the Unit Trust of India SUUTI, has disposed of 42.26 million shares or 9% of Axis Bank’s share capital...

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