Kotak Mahindra Bank Shares Decline After Stocks Trade Ex-Split
Total traded volume so far in the day stood at 2.49 times its 30-day average.
Shares of Kotak Mahindra Bank Ltd. dropped on Wednesday as it marked the last session for investors to buy shares to qualify for the stock split.
The shares fell by 1.81% with the stock trading at Rs 425.70.
Kotak Mahindra had its third stock split, with the board approving the plan for the subdivision of each share in the ratio of 1:5 in November. Each Kotak Mahindra Bank share with a face value of Rs 5 was split into five shares of Rs 1 face value. The stock split aims to enhance affordability, making it more accessible to retail investors.
The stock split comes right after Kotak Mahindra Bank announced the appointment of Bajaj Finance's former managing director, Anup Kumar Saha, to oversee its consumer banking vertical.
Saha has been appointed as a whole-time director, subject to regulatory approvals and will be part of the private sector lender's senior management, an official statement said on Monday.
Kotak Mahindra Bank Share Price Today
Kotak Mahindra Bank Share Price Today
The scrip fell as much as 1.81% to Rs 425.70 apiece during the day. This compares to a 0.04% growth in the NSE Nifty 50 Index.
Total traded volume so far in the day stood at 2.49 times its 30-day average. The relative strength index was at 63.87.
Out of 43 analysts tracking the company, 29 maintain a 'buy' rating, and 10 are maintaining a "hold" and 4 maintain a "sell" rating, according to Bloomberg data. The average 12-month consensus price target of Rs 486.90 implies a upside of 21.6%.
