Kotak Bank slips 3% as shares change hands in block deals

NEW DELHI: Shares of Kotak Mahindra Bank slipped over 3 per cent on Friday morning after 3 per cent stake (5.87 crore shares) changed hands via six block deals on the counter.

The shares changed hands at an average price of Rs 1,232, according to Bloomberg data. The price is at a 4.5 per cent discount of Thursday’s close.

The scrip hovered at Rs 1,243, down 3.56 per cent at around 09:30 am while the benchmark BSE Sensex was down 0.21 per cent at 35,821.42.

While the buyers and sellers were not immediately known, BloombergQuint had earlier reported, quoting two bankers in the know, that ING Group is looking to sell its stake in the private lender.

ING Mauritius Investments was holding 3.06 per cent stake, or 5,84,53,476 shares, in Kotak Mahindra Bank as of December 31, 2018, according to the BSE website.

"ING to sell 23 lakh shares, or 1.20 per cent equity, in the range of Rs 1,125-1,250 per share on February,” ET Now said in a report.

Meanwhile, the shares of Kotak Mahindra Bank opened at Rs 1252 on BSE against its previous closing of Rs 1288.90.