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Andy Mukherjee

Telling Fibs Again, Axis Bank?

Just three months ago the lender said credit costs were under control.
Photographer: Dhiraj Singh/Bloomberg

Axis Bank Ltd. has been caught lying again.

On Tuesday evening, the Indian lender reported that the central bank wasn't happy with its classification of nine large corporate accounts as standard assets. As a result, the non-state-owned bank, the country's sixth-largest by market value, has decided to rebrand the entire $750 million as nonperforming.