Reduced government stake in Axis Bank has no credit impact: Moody's

Rating agency Moody's on Wednesday said partial sale of the government's non-controlling interest in Axis Bank does not impact its ratings.

 

Last week, the government sold a 9 per cent stake in Axis Bank in the open market via the Specified Undertaking of UTI (SUUTI).

 

Following the sale, the government holds 11.7 per cent in the bank via SUUTI.

 

"The government's non-controlling interest did not separately factor into our rating of Axis, and the partial sale of it accordingly does not impact our credit analysis of the bank," Moody's said in a statement.