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Kotak Mahindra Bank share falls over 5% after bad loans rise in Q3

Share price of Kotak Mahindra Bank fell up to 5.01% to Rs 1,610 compared to the previous close of  Rs 1,697.80 on BSE. The large cap stock opened 0.76% or 13 points higher at Rs 1,710 on BSE

Kotak Mahindra Bank share falls over 5% after bad loans rise in Q3

Share price of Kotak Mahindra Bank It closed 4.70% or 79.75 points lower at Rs 1,618.05 on BSE today. 2.41 lakh shares changed hands amounting to turnover of Rs 39.67 crore on BSE.

Kotak Mahindra Bank share price fell in afternoon trade after the private sector lender reported a 24% rise in Q3 net profit to Rs 1,596 crore against Rs 1,291 crore net profit logged in the corresponding quarter of previous fiscal. Share price of Kotak Mahindra Bank fell up to 5.01% to Rs 1,610 compared to the previous close of  Rs 1,697.80 on BSE. The large cap stock opened 0.76% or 13 points higher at Rs 1,710 on BSE.  However, Kotak Mahindra Bank stock lost all gains and traded in the red throughout the session today. 

It closed 4.70% or 79.75 points lower at Rs 1,618.05 on BSE today. 2.41 lakh shares changed hands amounting to turnover of Rs 39.67 crore on BSE.  Market capitalisation of the bank fell to Rs 3.09 lakh crore on BSE.

The stock touched a 52-week high of Rs 1,734 on December 19, 2019 and touched its 52 week low of Rs 1209.50 on BSE. Share price of Kotak Mahindra Bank has lost 4.53% in last two days. The stock has gained 30.76% during the last one year but lost 4.43% in last one month. 19 of 38 brokerages rate the stock "buy" or 'outperform', 14 "hold", three "underperform" and two "sell", according to analysts' recommendations tracked by Reuters.

Despite a rise in net profit, share price of the bank ended lower as bad loans rose on the lender's books.

Net NPAs stood at Rs 1,925.08 crore in Q3 FY20 as against Rs 1,397.27 crore reported in Q3 FY19, clocking a 27 per cent rise. Gross NPAs grew 37 per cent on a year-on-year basis to Rs 5,413 crore as against Rs 4,128 crore recorded in a year-ago period.

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