AXIS BANK LTD. - MOODY'S RATING ACTION

This is to inform you that, credit rating agency Moody's has today revised the outlook for the Bank from stable to negative. Further, it has downgraded the counterparty risk assessments of the Bank to Baa3(cr)/P-3(cr) from Baa2(cr)/P-2(cr), and the local currency counterparty risk rating of the Bank to Baa3/P-3 from Baa2/P-2. The rating action letter by Moody's containing the reason for above downgrade is attached herewith.