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Shares of Kotak Mahindra Bank today fell nearly 2 per cent after an inter-ministerial panel has deferred the decision for the second time on the bank’s proposal for raising the foreign direct investment limit to 55 per cent.
The stock slipped 1.83 per cent to Rs 1,266 on the BSE. Selling was also seen on the NSE, where the scrip went down by 1.76 per cent to Rs 1,267.
The Foreign Investment Promotion Board (FIPB) had taken up the application at its meeting recently, but the decision was deferred as the Department of Financial Services (DFS) is yet to submit its comments, Finance Ministry sources had said yesterday.
The sources further said the DFS is likely to submit its comments by the end of this month.
Earlier, the board had deferred its decision at its 217th meeting held on April 30.
Kotak Bank is seeking FIPB approval to raise the aggregate foreign direct investment limit to 55 per cent.
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