/ Kotak Mahindra Bank Cracks, Post RBI's Notice To Cut Promoter's Stake ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Thursday, 2 February 2017

Kotak Mahindra Bank is not having a good day on the bourses and is currently trading in the red. The stock has taken a toll as RBI has asked its promoter to cut his stake in the bank by 15% by March 31, 2020 in a phased manner.

As on December 31, 2016 the promoter, Uday Kotak holds 33.30% stake, out of which he will have to cut his holdings to 30% by June 2018; to 20% till December 2018; and to 15% by March 2020. According to the RBI norms, the promoters should be holding only 15% stake.

Kotak Mahindra Bank on Wednesday had cut its marginal cost-based loan rates by 15 bps. Kotak Mahindra Bank Ltd is currently trading at Rs 772.05, down by Rs 3.55 or 0.46% from its previous closing of Rs 775.6 on the BSE.

The scrip opened at Rs 798 and has touched a high and low of Rs 798 and Rs 768.15 respectively. So far 1839444(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 142677.04 crore.

The BSE group 'A' stock of face value Rs 5 has touched a 52 week high of Rs 836 on 15-Nov-2016 and a 52 week low of Rs 586.5 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs 802.5 and Rs 739.15 respectively. The promoters holding in the company stood at 33.61 % while Institutions and Non-Institutions held 45.31 % and 21.08 % respectively. The stock is currently trading above its 200 DMA.

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