Macquarie downgrades Kotak Mahindra Bank to 'neutral'

Kotak Mahindra Bank shares fell nearly 2 per cent to Rs 1,034.55 after global brokerage Macquarie downgraded the stock to "neutral" from "outperform".

In its report, Macquarie cited the stock's "massive outperformance" and said it "looks very expensive to us".

Reacting to the news, shares of the bank were 1.93 per cent down at Rs 1,036.35 on the Bombay Stock Exchange in the afternoon trade.

Kotak's shares have risen 17.7 per cent since the start of June against 4.3 per cent gain in the National Stock Exchange benchmark Nifty.

(Reuters)