Axis Bank shares up 5% on Kotak Mahindra merger buzz

New Delhi: Shares of Axis Bank on Tuesday rose by 5 percent amid reports of merger of the bank with another private lender even as the company denied any such development.

The stock jumped 4.99 percent to end at Rs 504.60 on BSE. During the day, it rose by 5.88 percent to Rs 508.90. At NSE, shares of the bank gained 4.84 percent to close at Rs 504.35.

The company's market valuation went up by Rs 5,780.47 crore to Rs 1,20,709.47 crore.

On the volume front, 10.25 lakh shares of the bank were traded on BSE and over one crore shares changed hands at NSE during the day.

Meanwhile, in a filing to BSE yesterday the company said, "This has reference to our earlier letter dated 9th February 2017, wherein we had clarified on the baseless newspaper reports on possible merger between Axis Bank and Kotak Mahindra Bank."

In this connection please note that in light of repeated reports appearing in some sections of the media, we reiterate that the said news is baseless and unsubstantiated, it said.