Shares of Kotak Mahindra Bank tanked more than 6 per cent on the bourses after the lender moved Bombay High Court against RBI’s decision with respect to the bank reducing promoter holding using preference shares.
The stock plummeted 6.56 per cent to close at Rs 1,198.15 on the BSE. Intra-day, the scrip touched a low of Rs 1,188.8, a decline of 7.28 per cent.
On the NSE, the stock fell 6.11 per cent to settle at Rs 1,201.5. During the trading session, the scrip touched a low Rs 1,188, down 7.16 per cent from the previous close.
In terms of equity volume, over 1.9 crore scrips were traded during the day.
On Friday, shares of Kotak Mahindra Bank soared nearly 14 per cent intra-day amid speculation that Warren Buffett’s Berkshire Hathaway Inc was planning to pick up a stake in the private sector lender in a multi-billion dollar deal.