Kotak Mahindra Bank shares down nearly 4%

New Delhi: Shares of private sector lender Kotak Mahindra Bank declined nearly 4 per cent in initial trade on Monday after the company’s June quarter results failed to cheer investors.

The stock tanked 3.75 per cent to Rs1,897.10 apiece on the BSE while it witnessed a similar movement on the NSE where it plunged 3.62 per cent to Rs1,898.90 per piece. It was the biggest laggard among the sensex and nifty components. The 30-share BSE sensex quoted 39.55 points or 0.06 per cent higher at 66,723.81 in the morning trade. On Saturday, Kotak Mahindra Bank reported a massive 67 per cent on-year jump in standalone net income at Rs3,452 crore for the June quarter.