ICICI Bank, Axis Bank gain after reducing loan rates

ICICI Bank and Axis Bank (Q,N,C,F)* witnessed a rise in share price on Wednesday after reduction of home loan rates.

ICICI Bank’s shares gained Rs 4.55, or 1.44%, to trade at Rs 321.45. The total volume of shares traded was 276,706 at the BSE (11.29 a.m., Wednesday).

Shares of Axis Bank moved up Rs 1.7, or 0.3%, to trade at Rs 568.25. The total volume of shares traded was 190,840 at the BSE (11.29 a.m., Wednesday).

On Tuesday, ICICI Bank (Q,N,C,F)* announced reduction of home loan rates by 25 basis points for all existing and new customers. With this announcement, women as well as applicants from weaker sections will get home loans at 9.85%. The rate will be 9.90% for all others.

Axis Bank bank has cut interest rate on home loan by 0.25% to 9.95%.