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Shares in Kotak Mahindra Bank Ltd fall nearly 5 per cent to Rs 1,225, its lowest in over three weeks.
ING Group is looking to sell 1.21 per cent stake in the private-sector lender for over Rs 2,800 cr ($393.43 mn) via a block deal, sources said citing bankers involved in the deal. The offer price would range between Rs 1,225-1,250 apiece, up to 5 per cent discount to Thursday's closing price, the report added.
ING Mauritius Investments held 3.06 per cent in the bank as of December 31, according to Bombay Stock Exchange data. The stock is the top per cent loser on both NSE and BSE index, the top drag being on the NSE index.
The stock posts biggest intraday fall since December 10; over 73 mn shares traded vs 30-day avg of 2.5 mn. ING Group did not immediately respond to Reuters' request for comment, while Kotak Mahindra Bank declined to comment
($1 = 71.1690 INR)
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