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Kotak Mahindra Bank Shares Slip 8%

By Staff

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.

Kotak Mahindra Bank Shares Slip 8%

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.

Story first published: Wednesday, April 1, 2020, 10:19 [IST]
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