Kotak Mahindra Bank stocks slips 4% amid reports ING group to sell part of its 3% stake in lender

The Kotak Mahindra Bank share price slipped in trade today amid reports that ING group was looking to sell its stake through block deals.

Kotak Mahindra share price fell 4.26% to 1,234 level compared to the previous close of Rs1288 on BSE.

Multiple block deals have taken place through both the exchanges. The stock closed 0.19 percent lower at Rs 1,288 on Thursday.

On NSE, the share opened at Rs 1251, nearly 2.9 percent below the previous close of Rs.1289.15 and the intraday high reached to Rs 1258, nearly 2.4 percent below the previous close.

ING Mauritius Investments was holding 3.1 per cent stake, or 5.9 crore shares, in Kotak Mahindra Bank as of December 31, 2018, according to the BSE website.

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Kotak Bank tops the losers list as well as turnover list on BSE, with the total amount standing at Rs 509.38 crore with volume of 4101149 change of hands.

"ING to sell 23 lakh shares, or 1.20 percent equity, in the range of Rs 1,125-1,250 per share," ET Now said in a report. The report further added that ING will sell shares worth Rs 2,818-2,875 crore via block deal.

The bank reported a 22.5 per cent year-on-year (YOY) rise in standalone net profit at Rs1,290.93 crore for December 2018 quarter, against Rs1053.21 crore for Dec-17.

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