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
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