Axis Bank shares up 1% after cutting MCLR by 5 bps

Axis Bank was trading at Rs 595.20, up by Rs 5.85 or 1% in the early morning trade, after it reduced its MCLR rate on Wednesday. 

Nearly 96000 shares have been exchanged between investor on BSE. 

The fourth largest private lender, lowers its marginal cost of fund-based lending rate (MCLR) by 5 basis points, a move which will lower EMIs for its new borrowers.

The new rate for one-year lending tenure has been trimmed to 9.25% from 9.30%, Axis Bank said in a statement.

Similarly, the two-year lending tenure has been cut to 9.35% from 9.40% and that of three-year tenure it was 9.40% from 9.45%.

Accordingly, the overnight tenure was at 8.85% from 8.90%, while one-month stood at 8.90% (from 8.95%), three-month at 9.10% (from 9.15%) and six-month tenure at 9.20% (from 9.25%).

Following this the new loans will be priced at the published internal benchmark MCLRs with effect from August 18," the bank said.