RBI action on Kotak Mahindra Bank: This action of RBI has had a direct impact on the share price of Kotak Mahindra Bank. Due to this, the market cap of the bank decreased by Rs 39,768 crore.
RBI action on Kotak Mahindra Bank: Kotak Mahindra Bank shares fell 10.85 percent on Thursday and closed at Rs 1643 on BSE. The reason for the fall in the shares of Kotak Mahindra Bank was the action taken by RBI, in which the bank has been stopped from adding new customers through online medium. This step has been taken by the central bank after problems faced in the bank’s technology platform.
Bank’s market cap decreased by Rs 40 thousand crores
This action of RBI has had a direct impact on the share price of Kotak Mahindra Bank. Due to this, the market cap of the bank has decreased by Rs 39,768 crore. Due to this, by the time the market closed on Thursday, the market cap of Kotak Mahindra Bank had come down to Rs 3.26 lakh crore, which was earlier Rs 3.66 lakh crore.
Uday Kotak lost Rs 10 thousand crores
Businessman Uday Kotak holds 25.71 percent stake in Kotak Mahindra Bank. Due to fall in the share price of the bank, they have suffered a loss of about Rs 10,225 crore. Apart from this, mutual funds have suffered huge losses due to fall in shares. The mutual fund holds 12.82 percent stake in Kotak Mahindra Bank. Due to fall in shares he has suffered a loss of about Rs 5 thousand crores.
Insurance companies hold 8.69 percent stake in Kotak Mahindra Bank and Life Insurance Corporation of India holds 6.46 percent stake. Insurance companies have suffered a loss of approximately Rs 3,456 crore due to the fall in bank share prices. Life Insurance Corporation of India has suffered a loss of about Rs 2,569 crore due to the fall in share price.
Kotak Mahindra Bank’s business will be affected
RBI’s action will have a direct impact on the business of Kotak Mahindra Bank. The bank will not be able to add new customers through online medium and can easily reach its products to new customers. Its impact can be seen on the bank’s results in the coming quarter.
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