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Kotak Mahindra Bank share falls nearly 3% on Q1 earnings

Share price of Kotak Mahindra Bank closed 2.03% or Rs 27.45 lower at  Rs 1,322.45 against previous close of Rs 1,349.90. on BSE

twitter-logoBusinessToday.In | July 27, 2020 | Updated 17:14 IST
Kotak Mahindra Bank share falls nearly 3% on Q1 earnings
The share trades higher than 50 day and 100 day moving averages but lower than 5 day, 20 day and 200 day moving averages

Kotak Mahindra Bank share closed lower today after the private sector lender reported a 8.5% fall in standalone net profit for the quarter ended June 2020. The bank reported net profit of Rs 1,244 crore in last quarter against Rs 1,360 crore profit in the year-ago period.

Share price of Kotak Mahindra Bank closed 2.03% or Rs 27.45 lower at  Rs 1,322.45 against previous close of Rs 1,349.90. on BSE.

During the session, the large cap stock lost 2.88% to Rs  1,311 on BSE. The share trades higher than 50 day and 100 day moving averages but lower than 5 day, 20 day and 200 day moving averages. Share Market Highlights: Sensex ends 194 points lower, Nifty at 11,131; Axis Bank, HDFC Bank top losers

During last one year, the share has lost 12.48% and fallen 21.39% since the beginning of this year. Total 2.57 lakh shares changed hands amounting  to turnover of Rs 34.44 crore on BSE.

Other income fell 41% to Rs 773.5 crore in Q1 against Rs 1,317 crore in June 2019. Total income (standalone) fell to Rs 7,685.40 crore in April-June quarter of 2020-21, Rs 7,944.61 crore in the same period of 2019-20. Gross non-performing assets ratio widened to 2.7% from 2.19% a year ago and 2.25% in the previous quarter. Percentage of net NPAs increased to 0.87% from 0.71% in March quarter and 0.73% a year ago.

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