Axis Bank shares down 5 pct

Shares in Axis Bank were down over 5 per cent after Morgan Stanley downgraded the bank to 8220;equal weight8221;,from 8220;overweight8221;,two dealers said. 8220;We believe this is a good stock to own for the longer term,given strong growth and relatively high profitability. However,we think scope for further outperformance is limited in the next few quarters,8221; the U.S. investment bank said in a note.

At 11.32 a.m,the stock was down 4.04 per cent at Rs 1,389.10.