Kotak Mahindra Bank Ltd Share Price – NSE  /  BSE

Banks, Mid Cap

Dalmia Bharat Ltd, Bharat Bijlee Ltd, Indian Hotels Co Ltd and Aster DM Healthcare Ltd are among the other losers in the BSE's 'A' group today, 25 April 2024.

Kotak Mahindra Bank Ltd lost 11.25% to Rs 1635.7 at 14:46 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 23.71 lakh shares were traded on the counter so far as against the average daily volumes of 1.97 lakh shares in the past one month.

Dalmia Bharat Ltd tumbled 8.13% to Rs 1800. The stock was the second biggest loser in 'A' group.On the BSE, 1.18 lakh shares were traded on the counter so far as against the average daily volumes of 12639 shares in the past one month.

Bharat Bijlee Ltd crashed 5.78% to Rs 3126.5. The stock was the third biggest loser in 'A' group.On the BSE, 4800 shares were traded on the counter so far as against the average daily volumes of 3303 shares in the past one month.

Indian Hotels Co Ltd corrected 5.10% to Rs 577.2. The stock was the fourth biggest loser in 'A' group.On the BSE, 3.93 lakh shares were traded on the counter so far as against the average daily volumes of 1.22 lakh shares in the past one month.

Aster DM Healthcare Ltd shed 3.80% to Rs 368.7. The stock was the fifth biggest loser in 'A' group.On the BSE, 99661 shares were traded on the counter so far as against the average daily volumes of 31.61 lakh shares in the past one month.

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Info Edge (India) Ltd, Jyothy Labs Ltd, MAS Financial Services Ltd, Vodafone Idea Ltd are among the other stocks to see a surge in volumes on BSE today, 25 April 2024.

Kotak Mahindra Bank Ltd clocked volume of 16.39 lakh shares by 10:46 IST on BSE, a 7.42 times surge over two-week average daily volume of 2.21 lakh shares. The stock lost 10.11% to Rs.1,656.75. Volumes stood at 1.43 lakh shares in the last session.

Info Edge (India) Ltd notched up volume of 55892 shares by 10:46 IST on BSE, a 5.58 fold spurt over two-week average daily volume of 10018 shares. The stock rose 0.13% to Rs.5,885.75. Volumes stood at 45023 shares in the last session.

Jyothy Labs Ltd witnessed volume of 1.09 lakh shares by 10:46 IST on BSE, a 5.51 times surge over two-week average daily volume of 19780 shares. The stock increased 2.85% to Rs.434.60. Volumes stood at 18736 shares in the last session.

MAS Financial Services Ltd witnessed volume of 65303 shares by 10:46 IST on BSE, a 5.21 times surge over two-week average daily volume of 12528 shares. The stock increased 5.97% to Rs.316.00. Volumes stood at 27673 shares in the last session.

Vodafone Idea Ltd notched up volume of 10553.36 lakh shares by 10:46 IST on BSE, a 5.18 fold spurt over two-week average daily volume of 2,036.11 lakh shares. The stock rose 2.14% to Rs.13.37. Volumes stood at 3161.73 lakh shares in the last session.

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The bank will continue to service its existing customers, including those with credit cards, the banking sector regulator stated.

This action follows concerns identified during RBI's examinations of the bank's IT infrastructure in 2022 and 2023. The report cites serious deficiencies in areas like IT inventory management, data security, and business continuity planning. The bank was found to be non-compliant with corrective action plans issued by RBI in previous years.

These shortcomings have resulted in frequent outages of the bank's Core Banking System and digital channels, causing inconvenience to customers. The RBI's decision aims to protect customers and the financial system from potential risks associated with these IT vulnerabilities.

The restrictions will be reviewed upon completion of an external audit commissioned by the bank with RBI's approval. The audit will assess the bank's progress in addressing the identified deficiencies. The RBI may take further regulatory action based on the audit's findings.

In an regulatory filing made after market hours yesterday, Kotak Mahindra Bank said: “The bank has taken concrete steps to adopt new technologies to strengthen its IT systems and will continue to work with RBI to swiftly resolve balance issues at the earliest.

The bank would like to reassure its existing customers of uninterrupted services, including credit card, mobile and net banking. The bank’s branches will continue to onboard new customers, providing them with all the bank’s services, except issuance of new credit cards.

The bank believes that these directions will not materially impact its overall business.”

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Kotak Mahindra Bank Ltd fell 9.4% today to trade at Rs 1669.75. The S&P BSE BANKEX index is down 0.93% to quote at 54097.22. The index is up 2.38 % over last one month. Among the other constituents of the index, ICICI Bank Ltd decreased 0.1% on the day. The S&P BSE BANKEX index went up 11.31 % over last one year compared to the 22.01% surge in benchmark SENSEX.

Kotak Mahindra Bank Ltd has lost 4.85% over last one month compared to 2.38% gain in S&P BSE BANKEX index and 1.52% rise in the SENSEX. On the BSE, 1.94 lakh shares were traded in the counter so far compared with average daily volumes of 1.96 lakh shares in the past one month. The stock hit a record high of Rs 2063 on 31 May 2023. The stock hit a 52-week low of Rs 1659 on 25 Apr 2024.

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