Kotak Mahindra Bank Shares Tumble Amid Mixed Earnings Report

Kotak Mahindra Bank's shares fell nearly 5% after its latest quarterly earnings failed to impress investors. Despite a 13% growth in profit, market valuation took a hit, dragging related indices down. Challenges with unsecured loans and customer acquisition affected margins.

Kotak Mahindra Bank experienced a hit in the stock market on Monday as shares dropped nearly 5% following the release of its September quarter earnings report, which did not meet investor expectations.

The company's stock took a 4.29% dive, closing at ₹1,789.55 on the BSE, after an intra-day low of ₹1,735. Similarly, on the NSE, shares closed at ₹1,782.50, marking a 4.73% decrease for the day.

Despite a 13% growth in profits, factors such as increased provisions and an embargo on acquiring new customers influenced the company's margins and investor sentiment, causing its market valuation to erode by nearly ₹15,955 crore.

(With inputs from agencies.)