Image used for representational purpose only. (File photo | Reuters)
NEW DELHI: Shares of Kotak Mahindra Bank today went down by nearly 4 per cent after the company's June quarter net profit fell by almost 9 per cent on a sequential basis.
The stock went down by 3.69 per cent to end at Rs 1,350.25 on BSE. Intra-day, it dropped 4.78 per cent to Rs 1,335. The company's stock was the worst hit among the 30 Sensex blue chips.
On the NSE, shares of the company plunged 3.65 per cent to close at Rs 1,347.40. The company's market valuation tumbled Rs 9,873.54 crore to Rs 2,57,375.46 crore on the BSE.
In terms of equity volume, 3.21 lakh shares of the company were traded on the BSE and over 60 lakh shares changed hands on the NSE during the day.
Kotak Mahindra Bank today reported a standalone net profit of Rs 1,024.94 crore for April-June, 2018-19 down from Rs 1,124.05 crore in the quarter ended March.
The bank however, reported 12.29 per cent rise in standalone net profit at Rs 1,024.94 crore for April-June, 2018-19 on an annual basis.
Its net profit stood at Rs 912.73 crore in the corresponding period of 2017-18.
Total income during the quarter stood at Rs 6,644.29 crore, up 19.44 per cent from the year-ago period, Kotak Mahindra Bank said in a regulatory filing.
Gross non-performing assets (NPAs) reduced to 2.17 per cent of gross advances as of June quarter 2018-19 from 2.58 per cent in the same period last year.
