Kotak Mahindra Bank share price fell nearly 5% intra day after the firm said it decided on a 10% reduction in CTC for all employees with a salary of more than Rs 25 lakh per annum with effect from May 2020 for FY21. Employees earning less than Rs 25 lakh per annum will not be impacted.

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The large cap stock stands higher than its 5 day, 20 day, 50 day, 100 day and 200 day moving averages. 19 of 38 brokerages rate the stock 'buy' or 'outperform', 13  'hold', four 'underperform' and two 'sell', according to analysts' recommendations tracked by Reuters.

In an internal mail, the lender said that the pay cut will be effective from May and that employees earning less than Rs 25 lakh per annum will not be impacted. "We have decided on a 10 per cent reduction in CTC for all colleagues with a salary of more than Rs 25 Lakh per annum, with effect from May 2020 for FY21. Employees earning less than Rs 25 lakh p.a. will not be impacted," stated the internal mail, as mentioned in a report in Moneycontrol.

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"We need to ensure that our colleagues are safe and do our best to protect their jobs," the email said. The lender said that what seemed to be a 2-3 months' phenomenon in the beginning has snowballed into a pandemic with serious repercussions on lives and livelihood. "More importantly, it is increasingly clear that the pandemic is not going away anytime soon. Entire mankind is praying and hoping for quick discovery of a vaccine and antidote," it said.

By Aseem Thapliyal