Axis Bank tanks over 7%

Axis Bank is down over 7.5% at Rs.1062.75, with an intra day low at Rs.1057 though volumes are a but muted at over 1.2 lakh shares.

The stock is deep in the red today, reacting to the news that it has been removed from the MSCI Global Standard Indices. The stocks in this index usually get jiggled every month and are taken a reflection of FII preferences. Thus this exclusion is not being taken too well by the marketmen.

M&M has been added to the MSCI Index while weightage of Wipro has been raised, that of ICICI Bank and Godrej Consumer has been reduced.