Shares of Kotak Mahindra Bank plummet after RBI action
THE JHARKHAND STORY DESK Advertisement Mumbai, April 25: The Reserve Bank of India (RBI) on Wednesday barred Kotak Mahindra from onboarding…
Image: The Munsif Daily
THE JHARKHAND STORY DESK
Mumbai, April 25: The Reserve Bank of India (RBI) on Wednesday barred Kotak Mahindra from onboarding new online customers and issuing new credit cards. The impact of RBI’s action is being seen today on Kotak Mahindra’s shares as well as the Indian stock market.
In early trade, the Sensex fell 296.79 points to open at 73,556.15. Nifty also slipped 97.15 points to open at 22,305.25.
Kotak shares fell 10% in just five minutes
As soon as the market opened, Kotak Mahindra shares plummeted within just five minutes, Kotak Mahindra’s share prices plummeted. A 10 per cent decrease was observed in its shares. Kotak Bank’s shares dropped to 1658 rupees, down by 184 rupees.
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Previously, on Wednesday, Kotak Mahindra Bank’s shares had closed at 1,842.95 rupees, showing a rise of 1.65 per cent or 29.90 rupees. However, the RBI’s action had a negative impact on its shares.
Kotak Mahindra top loser and Axis Bank top gainer
In the top 30 shares of the BSE Sensex, 11 shares were trading in the red zone, while 19 shares were trading in the green zone. Kotak Mahindra’s shares witnessed the highest decline of 9.55 per cent, whereas Axis Bank’s shares showed a rise of 3.86 per cent.
Today’s top gainers include shares of Axis Bank, HCL Tech, Sun Pharma, SBI, and ICICI Bank. Meanwhile, in the category of top losers, shares of Kotak Mahindra, HUL, Maruti Suzuki, Asian Paints, and Titan are included. It is worth mentioning that on the BSE today, 1272 shares are trading in the red zone, while 865 shares are witnessing a decline.
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