Kotak Bank shares fall 5%.As ING sold stake
ING Group merged its banking unit, ING Vysya Bank, with Kotak Mahindra Bank in November 2014
Shares of Kotak Mahindra Bank fell nearly 5 percent in the morning trade following a series of bulk deals on the stock exchanges.
The stock fell as much as 4.25 percent to Rs 1,234 per share on the BSE, and lost 4.97 percent to Rs 1,225 per share on the NSE.
ING Group merged its banking unit, ING Vysya Bank, with Kotak Mahindra Bank in November 2014. After the deal, the former held 6.5 percent stake in the merged entity, but offloaded some its stake later.
Kotak Mahindra Bank Ltd is currently trading at Rs 1,241.25 down by Rs 47.65 or 3.7% from its previous closing of Rs 1,288.90 on the BSE.
The scrip opened at Rs 1,252 and has touched a high and low of Rs 1,259.90 and Rs 1,234 respectively.