Kotak Mahindra Bank Shares Plummet Amid Decline in Net Profit
Kotak Mahindra Bank shares fell nearly 6% after a 7.57% decline in consolidated net profit for the March quarter of FY 2024-25. This drop was due to stress in the microlending book, impacting the bank's performance and causing net profit to fall on a standalone basis by 14%.
- Country:
- India
Shares of Kotak Mahindra Bank fell sharply on Monday, losing nearly 6% of their value following a reported 7.57% decline in consolidated net profit for the March quarter of fiscal year 2024-25.
The Bank's shares dropped to Rs 2,058.35 on the BSE and Rs 2,058 on the NSE, marking it as the biggest loser among Sensex and Nifty firms by morning trade.
The drop in profits and share price is attributed to elevated stress in the microlending sector and a contraction in net interest margins, even as net interest income and other income rose modestly during the quarter.
(With inputs from agencies.)
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