Kotak Mahindra Bank Shares Suffer After Profit Decline

Kotak Mahindra Bank's shares fell by nearly 3% following an 11% decline in consolidated net profit for the September quarter, attributed to slower core income growth and underperforming subsidiaries. The standalone net profit saw a 3% fall, while total consolidated income also decreased.

The stock of Kotak Mahindra Bank took a sharp hit on Monday, dropping by nearly 3% after the bank announced an 11% decline in consolidated net profit for the September quarter.

At the Bombay Stock Exchange (BSE), shares fell by 2.82% to trade at Rs 2,125, while at the National Stock Exchange (NSE), they slid by 2.97% to Rs 2,122.

The dip in profits, bringing figures down to Rs 4,468 crore, was largely due to slower growth in core income and weak subsidiary performance, despite standalone income witnessing a marginal increase.

(With inputs from agencies.)