Kotak Mahindra Bank share price falls over 4% after KVS Manian resigns; Nuvama downgrades stock, cuts target

KVS Manian was precocious promoted to the relation of Joint MD of Kotak Mahindra Bank and has resigned aft 29 years of service.

Analysts judge losing a agelong lasting cardinal managerial idiosyncratic (KMP) is simply a antagonistic amid galore exits successful the past 1 twelvemonth and connected the backmost of RBI’s caller prohibition connected Kotak Bank. 

Nuvama Institutional Equities downgraded Kotak Mahindra Bank to ‘Reduce’ from ‘Buy’ and chopped Kotak Mahindra Bank stock terms people to ₹1,530 from ₹2,095 earlier.

“We judge caller antagonistic events and precocious attrition marque the outlook for Kotak unpredictable," Nuvama Equities said.

While the banal has already corrected sharply, the brokerage steadfast expects it to underperform peers going ahead. It recommends switching to ICICI Bank, Axis Bank, IndusInd Bank, HDFC Bank for a 1 year-plus horizon, and a fewer prime NBFCs including Shriram Finance.

At 10:05 am, Kotak Mahindra Bank shares were trading 3.70% little astatine ₹1,563.75 apiece connected the BSE.

Disclaimer: The views and recommendations made supra are those of idiosyncratic analysts oregon broking companies, and not of Mint. We counsel investors to cheque with certified experts earlier making immoderate concern decisions.

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Published: 02 May 2024, 10:08 AM IST