Kotak Bank falls another 3% as Manian exit adds to talent loss
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Mumbai: Shares of Kotak Mahindra Bank fell almost 3% on Thursday, as traders mounted bearish bets on the stock after the lender said joint managing director KVS Manian has resigned. The stock ended at ₹1,578, the lowest closing in three-and-a-half years, extending its recent slide after regulatory action against the private bank. Analysts said the adverse news flow in the last couple of weeks has limited the chances of upside in the stock for now. "The news of the exit is negative for the bank since there have been multiple exits at the senior level in the past 6-8 months," said Dnyanada Vaidya, research analyst, BFSI, Axis Securities. "These exits alongside considering this is after the RBI ban on onboarding new customers digitally are expected to impact the bank's growth prospects and profitability." Kotak Bank shares fell as much as 4.4% during Thursday's trading to ₹1,552.4 before recovering partially. On t...