Kotak Mahindra’s shares dip 3%

New Delhi: Shares of Kotak Mahindra Bank on Thursday ended nearly 3 per cent lower after the company announced that its Joint Managing Director K V S Manian has stepped down with immediate effect.

The lender’s stock declined 2.95 per cent to settle at Rs1,575.80 on the BSE. During the day, it tanked 4.38 per cent to hit a 52-week low of Rs1,552.55. At the NSE, it dipped 2.82 per cent to finish at Rs1,578. During the day, shares of the company went lower by 4.40 per cent to Rs1,552.40 -- to hit a 52-week low.

The company’s market capitalisation (mcap) eroded by Rs9,532.07 crore to Rs3,13,256.58 crore. It emerged as the biggest laggard among BSE Sensex and NSE Nifty firms.