India's Axis Bank falls on government $935 million stake sale offer

MUMBAI Thu Mar 20, 2014 11:57pm EDT

An employee speaks on his mobile phone as he walks inside Axis Bank's corporate headquarters in Mumbai July 17, 2012. REUTERS/Vivek Prakash

An employee speaks on his mobile phone as he walks inside Axis Bank's corporate headquarters in Mumbai July 17, 2012.

Credit: Reuters/Vivek Prakash

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MUMBAI (Reuters) - Shares in Axis Bank Ltd (AXBK.NS) fell as much as 2.6 percent after the Indian government launched an offer to sell up to a 9 percent stake in India's third-largest private-sector bank by assets to raise up to $935 million.

Axis Bank shares were down 1.9 percent, compared with a 0.3 percent gain in the broader NSE index .NSEI. Axis shares touched a low of 1,322.1 rupees earlier in the day.

(Reporting by Abhishek Vishnoi; Editing by Anand Basu)

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