New Delhi, Apr 29 (PTI) Shares of Axis Bank tumbled over 5 per cent in early trade on Friday a day after the company reported a 49.77 per cent jump in its consolidated net profit for the March quarter.

The stock tanked 5.23 per cent to Rs 739.10 on the BSE.

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At the NSE, it tumbled 5.21 per cent to Rs 739.10 apiece.

Axis Bank on Thursday reported a 49.77 per cent jump in its consolidated net profit for the March quarter at Rs 4,434 crore, helped by a steep reduction in money set aside for bad debts.

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On a standalone basis, the third-largest private sector lender reported a 54 per cent jump in its post-tax net at Rs 4,118 crore. For the fiscal year 2021-22, it reported a 98 per cent jump in its post-tax profit at Rs 13,025 crore.

The stock of gross non-performing assets declined to 2.82 per cent from 3.70 per cent in the year-ago period, while the gross slippages came at Rs 3,981 crore, as against Rs 4,147 crore in the preceding December quarter and Rs 5,285 crore in the year-ago period.

"Axis Bank earnings were mixed as operating income missed estimates by 4 per cent due to weaker margins although PAT was at Rs 41.2 bn driven by lower provisions (due to stronger recoveries)," according to Gaurav Jani- Research Analyst at Prabhudas Lilladher.

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