Kotak Mahindra Bank drops after govt defers decision on hiking foreign stake to 55%

Kotak Mahindra Bank declined 0.96% to Rs 1,374 at 15:25 IST on BSE after the government deferred approval sought by the bank for increasing the aggregate foreign investment in the bank to 55%.

Meanwhile, the S&P BSE Sensex was down 238.95 points or 0.85% at 27,716.21.

On BSE, so far 49,289 shares were traded in the counter, compared with an average volume of 1.09 lakh shares in the past one quarter.

The stock hit a high of Rs 1,393.50 and low of Rs 1,360.70 so far during the day. The stock had scaled a record high of Rs 1,473.75 on 15 April 2015. The stock hit a 52-week low of Rs 843.90 on 30 May 2014.

The stock had outperformed the market over the past one month till 22 May 2015, gaining 2.01% compared with Sensex's 0.24% rise. The scrip had also outperformed the market in past one quarter, gaining 6.93% as against Sensex's 4.36% fall.

The large-cap private sector bank has an equity capital of Rs 456.08 crore. Face value per share is Rs 5.

Kotak Mahindra Bank's consolidated net profit rose 37.6% to Rs 912.60 crore on 29.1% rise in total income to Rs 6172.26 crore in Q4 March 2015 over Q4 March 2014.

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