Shares in Kotak Mahindra Bank dropped sharply after the company saw its net profits decline. The shares of the bank were last trading with a fall of almost 4 per cent on the National Stock Exchange at Rs 686.
The bank saw its net profits fall by almost 55 per cent to Rs 190 crore. Its non-performing assets for the quarter also saw a jump.
The bank it maybe recalled had merged with ING Vysya Bank and these were consolidated numbers. The sharp decline in net profits took analysts by surprise many of whom have a sell call on the shares.
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