a day ago
Kotak Mahindra Bank Shares Drop 7% on Asset Quality Concerns
Kotak Mahindra Bank Ltd. shares fell the most in more than three months on Monday after the private sector lender reported disappointing results and its rising credit costs spooked investors.
The Mumbai-based bank, backed by billionaire Uday Kotak, reported a nearly halving of its net income for the quarter ended June 30, citing stress, especially in loan portfolios, along with a compression in margins. The 7% decline in the stock made it the worst performer on the Nifty 50 Index, which shed as much as 0.4%.
