New Delhi: Shares of Axis Bank on Tuesday fell nearly 4% after the private lender reported 46% fall in net profit for April-June quarter.

Axis Bank stock dropped 3.23% to settle at 550.10 on BSE. During the day, it went down by 3.59% to 548. At NSE, shares of the company fell 3.76% to close at 548.20.

The stock was the worst hit among the blue chips on both the key indices. The company’s market valuation diminished by 4,708.84 crore to 1,41,265.16 crore.

On the equity volume front, 9.43 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day.

Axis bank yesterday reported 46% fall in net profit to 701.09 crore for June quarter due to increase in provisioning for bad loans. The bank had registered a net profit of 1,306 crore in the June quarter of 2017-18.

The lender’s asset quality worsened as gross non-performing assets (NPAs) rose to 6.52% as on 30 June of this year, from 5.03% on 30 June 2017. Likewise, net NPAs or bad loans increased to 3.09% of advances furnished by June-end from 2.30% a year ago.

The provisions and contingencies of the bank increased to 3,337.70 crore as compared to 2,341.93 crore in the same quarter of the previous year.