Uday Kotak loses ₹10,225 crore in a day as Kotak Mahindra Bank share price tanks 11%
Kotak Mahindra Bank share price saw a steep fall of 10.85% to close at ₹1643 levels on the BSE on Thursday. The fall in Kotak Mahindra Bank share prices was led by Reserve Bank of India ban on Kotak Mahindra Bank’s digital onboarding and credit card issuance.
The sharp decline in Kotak Mahindra Bank share price meant that its market capitalization fell by similar amount leaving shareholders bearer by ₹39,768.36 crore. The Kotak Mahindra Bank market capitalisation that stood at ₹3,66,383.76 crore at the end on Wednesday fell to 3,26,615.40 Crore by the end of Thursday.
As Uday Kotak, as non-executive director from 1st January 2024, holds 25.71% stake in Kotak Mahindra Bank, Uday Kotak also lost around ₹10,225 crore of wealth. Also Read-Axis Bank share price rises 6% buoyed by healthy Q4 numbers; should you buy, sell or hold? Here's what experts say Among other shareholders, mutual funds hold around 12.82% stake in Kotak Mahindra Bank.
Sharp decline in Kotak Mahindra Bank share prices means that mutual funds also are likely to have lost more than ₹5000 Crore ( ₹5098 Crore). Insurance companies hold 8.69% stake with Life Insurance Corporation of India itself holding 6.46% stake in Kotak Mahindra Bank.
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