Shares of Axis Bank lost as much as 29 percent on March 23, the day when the market entered into the red.
The scrip has been on a decline since the last six consecutive sessions and has now hit a new 52-week low of Rs 302.05 on the BSE. At 14:56 hrs, the private lender was quoting Rs 310.60, down 27.49 percent on the BSE.
Banking stocks have been under pressure since the widespread of Covid-19 as analysts expect the outbreak to hit the domestic and global economy, and also corporate earnings. This will, in turn, lead to higher NPAs for banks.