Kotak Mahindra Bank Shares Plunge Amid Weak Quarterly Results
Kotak Mahindra Bank experienced a nearly 7% drop in share prices following underwhelming financial results for the June quarter. The bank reported a 7% year-on-year drop in standalone net profit and a narrowing net interest margin, attributing this to regulatory rate cuts and adverse economic conditions.
- Country:
- India
Kotak Mahindra Bank shares fell sharply on Monday, declining by nearly 7% as the institution disclosed disappointing June quarter financial results.
The bank's stock traded at Rs 1,977.20 on the BSE after a 6.95% drop, following a reported consolidated net profit of Rs 4,472 crore. This compares to a Rs 7,448 crore profit in the same period last year, which included one-time gains.
On a standalone platform, the net profit fell 7% year-on-year to Rs 3,282 crore. The bank pointed to RBI rate cuts, slowed fee income growth, and increased provisions as reasons for the shortfall, despite a 14% loan growth.
(With inputs from agencies.)
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