Kotak Bank Share Price Hits Over Three-Year High Post Senior Management Changes

Kotak Mahindra Bank Ltd.'s share price rose to over three-year high after the bank disclosed changes in the senior management. Apart from this, general positive sentiment across sectors in Indian markets in Monday's session also boosted the stock.

The lender has done key leadership appointments, including appointing Bhavnish Lathia as chief technical officer, Vyomesh Kapasi as head of consumer bank products, and Pranav Mishra as head of consumer bank, distribution. The lender also appointed Rajiv Mohan as treasurer.

Kotak Mahindra Bank is the top contributor to the NSE Nifty Bank, which has hit nearly three-month high. The index rose as much as 2.32% to 51,769.80 as of Dec. 30, 2024. Kotak Mahindra Bank stock rose for three days in a row.

Kotak Mahindra Bank's share price rose as much as 5.06% to Rs 2,184.25, the highest level since Oct. 28, 2021. It was trading 4.97% higher at Rs 2,182.35 as of 12:20 p.m., as compared to a 1.25% advance in the NSE Nifty 50.

The stock rose 24.44% in 12 months. Total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 79.12, which implied the stock was overbought.

Out of 44 analysts tracking the company, 35 maintain a 'buy' rating, four recommend a 'hold' and five suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 3.8%.