Kotak Mahindra Bank shares more than 3 per cent on Monday, ahead of the earnings announcement by the private sector lender. On the Bombay Stock Exchange (BSE), Kotak Bank shares opened at Rs 1,500 apiece - nearly unchanged from their previous close - and declined to as much as Rs 1,449.05 apiece in intraday trade, marking a fall of 3.38 per cent. On the National Stock Exchange (NSE), Kotak Bank shares fell 3.34 per cent to trade at Rs 1,448.80 apiece at the day's weakest level.
Kotak Mahindra Bank, the country's second largest private sector lender in terms of market capitalisation, was due to report its earnings for the quarter ended June 30 later in the day.
For the quarter ended March 31, Kotak Mahindra Bank reported a net profit of Rs 1,407.80 crore, up 25.24 per cent on a year-on-year basis. Kotak Mahindra Bank's gross non-performing loans as a percentage of total advances increased to 2.14 per cent at the end of March, from 2.07 per cent in the previous quarter.
In a regulatory filing on Monday, Kotak Mahindra Bank said an earnings conference call to discuss its financial results of the April-June period was scheduled at 6:00 pm.
At 12:45 pm, Kotak Mahindra Bank shares traded 2.59 per cent lower at Rs 1,461.00 apiece on the BSE, underperforming the benchmark Sensex index which was down 0.99 per cent at 37,958.26.
Till Friday's closing price, Kotak Mahindra shares had advanced 8.83 per cent from the last earnings announcement in April this year.
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