Kotak Mahindra slumps 7%

New Delhi: Shares of Kotak Mahindra Bank on Monday tanked nearly 7 per cent after its September quarter earnings failed to cheer investors. The stock tumbled 6.63 per cent to Rs 1,743 apiece on the BSE after a weak beginning to the trade. On the NSE, it slumped 6.73 per cent to Rs 1,745.10 a share. The company’s market valuation eroded by Rs 24,801.79 crore to Rs 3,46,936.88 crore. The stock was the biggest laggard among the BSE Sensex firms during the morning trade. Kotak Mahindra Bank on Saturday posted a 13 per cent growth in September quarter profit to Rs 5,044 crore.