Shares of Axis Bank ended in the red after Bain Capital sold a part of its holding through block deals on the exchanges.

The Axis Bank share finished 3.76 per cent, or Rs 34.10, lower at Rs 871.75 on the BSE.

Data from the exchange showed that BC Asia Investments VII Ltd, a Bain arm, sold 16,680,000 shares at Rs 891.38 apiece for nearly Rs 1,487 crore.

This marks a discount of nearly 1.60 per cent to its closing price on Monday.

Reports had earlier indicated that the private equity firm will sell 1.24 per cent stake in the private sector lender for Rs 3,350 crore.

Bulk deals data were not available from the NSE at the time of going to press.

Ahead of the transaction, three Bain Capital affiliates held a 4.24 per cent stake in Axis Bank.

Bain Capital had invested in the lender in 2017. The lender had then mobilised Rs 11,626 crore from investors that also included the Life Insurance Corporation of India and Capital Group.

The fund raising, which then was one of the largest private equity investments in the domestic banking sector, was done through a mix of fresh equity and warrants that was convertible into shares.

The sale comes after Axis Bank posted better-than-expected results for the quarter ended September 30.

On a standalone basis, the lender posted a 70 per cent rise in its net profit for the September quarter at Rs 5,329.77 crore.

The core net interest income shot up by 31 per cent to Rs 10,360 crore following a 14 per cent growth in assets and a 0.57 per cent rise in the net interest margin at 3.96 per cent. Other income grew 4 per cent to Rs 3,941 crore.