Kotak Bank slumps to 9-month low

Reuters July 19 | Updated on July 19, 2018 Published on July 19, 2018

Shares of Kotak Mahindra Bank fell the most in nearly 9 months on profit miss. The stock plunged as much as 4.6 per cent to Rs 1,333.85, its lowest in more than two weeks. The stock posted biggest percentage loss since October 25, 2017.

India's second-largest bank by market capitalisation postd smaller-than-expected 12.3 per cent rise in Q1 profit on higher provisions for Treasury losses. However, the bad loan ratio improved. Q1 profit of Rs 1,025 crore ($148.8 million) missed analysts' expectations of Rs 1,167 crore.

More than 5 million shares traded as of 0930 GMT vs 30-day average volume of 1.6 million. About 25 of 33 brokerages rated the stock “buy” or higher, 5 “hold” and 3 “sell” or lower; their median price target is Rs 1,369.50, according to Thomson Reuters data.

Kotak Bank stock had gone up 38.4 per cent this year as of last close, compared with a 5.5 per cent gain in the Nifty Bank index.

Published on July 19, 2018

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.