Shares of Kotak Mahindra Bank fell over 8 percent on Wednesday to an intraday low of Rs 1,182.60 and was the top loser among the 50 stocks on NSE's Nifty for the day.
The decline comes after the private bank in its conference call with investors on Tuesday warned of slippages rising and significant issues on the recovery front if the 21-day lockdown is extended for a period of three months, a BloombergQuint report said.
During the discussion, the bank also expressed its concerns about the retail unsecured business. "Generally, the recovery infrastructure is set up to handle up to 5-7 percent of default rate, but in times like these, it may rise to 15 percent," it said.
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