look news india
Kotak Mahindra Bank Share Price: Shares of Kotak Mahindra Bank fell over 3.5 per cent in early trade today. This fall in the company's shares has come after the resignation of one of its top executives. The resignation comes a week after RBI imposed restrictions on the bank. RBI has banned banks from acquiring new customers and issuing new credit cards through digital channels. After the ban, the bank's Joint Managing Director KVS Maniyan has resigned from his post with immediate effect on Tuesday. He was recently promoted to this post.
Our associate channel CNBC-TV18 quoted sources as saying that KVS Maniyan is going to Federal Bank. Sources have also revealed that the tenure of the current Managing Director and CEO of Federal Bank, Shyam Srinivasan, is ending in September this year, after which KVS Manian can be given the charge.
However, there has been no official confirmation of this. Federal Bank will present its March quarter results today and also share its future plans.
Brokerage Advice on Kotak Mahindra Bank
Nuvama has reduced the rating of Kotak Mahindra Bank shares from buy to buy. Also, its target price has been reduced from Rs 2095 to Rs 1,530. The brokerage said that many people have resigned at senior levels in the last 6 months. Furthermore, ongoing developments are expected to impact the bank's growth and profits over the next 12 to 18 months.
Jefferies has maintained its hold rating on the stock and set a price target of Rs 1,970 per share. The brokerage said that if anyone else at senior or middle level in the bank has resigned, then they will keep an eye on it. If this happens, it may increase the pressure of RBI restrictions on the bank.
Around 12:30 pm, Kotak Mahindra Bank shares were trading 2.31 per cent lower at Rs 1,586.50 on the NSE. Since the beginning of this year, shares of Kotak Mahindra Bank have fallen by about 18 percent.