KMBL drops after board approves sponsored depository receipt issuance programme

Kotak Mahindra Bank fell 1.27% to Rs 650.75 at 14:30 IST on BSE after the board of directors of the bank approved a sponsored depository receipt issuance programme of up to 5 million depository receipts.

The bank made announcement during market hours today, 24 September 2015.

Meanwhile, the BSE Sensex was up 57.16 points, or 0.22%, to 25,880.15.

On BSE, so far 86,186 shares were traded in the counter, compared with an average volume of 1.46 lakh shares in the past one quarter.

At the day's high of Rs 662.50, shares of private bank rose 0.51%. At the day's low of Rs 642.50, the stock declined 2.51%. The stock hit a record high of Rs 744.45 on 21 July 2015. The stock hit a 52-week low of Rs 490 on 16 October 2014.

The stock had outperformed the market over the past one month till 23 September 2015, falling 4.42% compared with Sensex's 5.64% fall. The stock had also outperformed the market in past one quarter, dropping 4.61% as against Sensex's 7.13% fall.

Kotak Mahindra Bank said that the board of directors of the bank at its meeting held on 24 September 2015, has approved a sponsored depository receipt (DR) issuance programme of up to 5 million DRs, with conversion of 1 equity share to 1 DR. The DR issue is pursuant to the Depository Receipts Scheme, 2014 for facilitating issue of depository receipts outside India against underlying existing equity shares through a foreign depository through the sponsored route.

Kotak Mahindra Bank's net profit fell 55.8% to Rs 189.78 crore on 70.7% growth in total income to Rs 4583.86 crore in Q1 June 2015 over Q1 June 2014.

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