Kotak Mahindra Bank drops after a bulk deal

Kotak Mahindra Bank lost 1.32% to Rs 693.85 at 13:03 IST on BSE after a block deal of 2.99 lakh shares was executed on BSE at Rs 703.85 per share at 9:41 IST.

The block deal constitutes 0.03% of Kotak Mahindra Bank's equity.

Meanwhile, the S&P BSE Sensex was down 119.37 points or 0.6% at 19,774.48.

On BSE, 3.16 lakh shares were traded in the counter as against average daily volume of 64,455 shares in the past one quarter.

The stock was volatile. The stock lost as much as 1.72% at the day's low of Rs 691 so far during the day. The stock rose as much as 1.37% at the day's high of Rs 712.75 so far during the day. The stock had hit a record high of Rs 804 on 30 May 2013. The stock had hit a 52-week low of Rs 588 on 28 August 2013.

The stock had outperformed the market over the past one month till 26 September 2013, surging 11.21% compared with the Sensex's 7.2% rise. The scrip had, however, underperformed the market in past one quarter, advancing 2.13% as against Sensex's 7.23% rise.

The large-cap bank has equity capital of Rs 384.12 crore. Face value per share is Rs 5.

Kotak Mahindra Bank's net profit surged 42.6% to Rs 402.82 crore on 28.9% growth in total income to Rs 2652.40 crore in Q1 June 2013 over Q1 June 2012.

Kotak Mahindra Bank had 445 full-fledged branches across 260 locations and 967 ATMs.

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