Shares of Kotak Mahindra Bank fell over 3 percent in trade on Friday morning after 5.87 crore shares (i.e. 3 percent of its stake) exchanged hands in six block deals as per a Bloomberg report.

The report further said that the shares of the private lender were exchanged at an average price of Rs 1,232, a 4.5 percent discount from Thursday's close.

At 10:45 am the scrip was down by 3.77 percent or Rs 48.60 to Rs 1,240.55 a piece.

The buyers or sellers of the scrip are not known yet but according to the BloombergQuint report citing two bank sources, ING Group is looking to sell its stake in the bank.

ING Mauritius Investment has a 3.06 percent stake in the private lender which comes to 5,84,53,476 shares as of 31 December 2018 according to the data on BSE.

Shares of Kotak Mahindra Bank had opened at Rs 1251/piece on NSE.