Kotak Mahindra Bank Shares Plummet Amid Disappointing Earnings
Kotak Mahindra Bank shares dropped significantly after the bank reported lower than expected earnings for the June quarter. The market valuation fell by over Rs 31,670 crore, largely due to challenges facing its retail commercial vehicle portfolio and adverse macroeconomic conditions impacting profitability.
- Country:
- India
On Monday, shares of Kotak Mahindra Bank sharply declined by 7.50% due to the company's disappointing June quarter performance.
The stock closed at Rs 1,965.60 on the BSE, marking a fall of 7.50%, after hitting an intra-day low of Rs 1,960.10. On the NSE, shares slumped by 7.33% to Rs 1,968.70.
The bank's market valuation eroded substantially, falling by Rs 31,670.19 crore to Rs 3,90,837.93 crore, making it the major laggard among Sensex and Nifty firms. Key factors affecting profitability include stress in the retail commercial vehicle segment and macroeconomic pressures.
(With inputs from agencies.)
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