Kotak Mahindra Bank shares fall after KVS Manian resigns, Nuvama downgrade
Kotak Mahindra Bank shares drop 2.1% post top-level exit amid RBI restrictions.
Kotak Mahindra Bank Ltd. shares debuted today 2.1% lower following news of a key departure, coinciding with recent RBI restrictions. KVS Manian, recently promoted to Joint Managing Director, abruptly resigned, reportedly to join Federal Bank, potentially as a candidate for the new MD & CEO position. Although this remains unconfirmed, the Federal Bank's imminent quarterly report may shed light on its future direction.
Despite uncertainties, Jefferies maintained a "hold" rating on the stock, expressing concern over potential leadership and management changes exacerbating the impact of RBI restrictions on the bank's performance.
Nuvama downgraded Kotak Mahindra Bank from "buy" to "reduce," citing consecutive setbacks and projecting adverse effects on growth and profitability in the coming months.
The stock faced immediate selling pressure upon trading commencement, with a substantial block deal worth ₹1,677 crore involving 1.07 crore shares. Kotak Mahindra Bank's share price plummeted 4% to ₹1,558.70, marking a 17% decline year-to-date. The identities of the buyers and sellers in the block deal remain undisclosed.
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