Men walk past a Kotak Mahindra Bank Ltd. ATM in Mumbai. (Photographer: Adeel Halim/Bloomberg)

Kotak Mahindra Bank Drops As 3% Equity Traded In Block Deals

Shares of Kotak Mahindra Bank Ltd. dropped as much as 5 percent, the most in more than two months, after multiple block deals on the National Stock Exchange.

About 5.87 crore shares (or 3 percent equity) changed hands via six blocks in opening trade at an average price of Rs 1,232, according to Bloomberg data. The price is at a 4.5 percent discount of Thursday’s close. The total value of the shares sold is more than Rs 7,200 crore.

While the buyers and sellers were not immediately known, BloombergQuint had earlier reported, quoting two bankers in the know, that ING Group is looking to sell its stake in the private lender.

ING Group has been one of the large public shareholders in Kotak Mahindra Bank after merging its Indian banking unit, ING Vysya Bank, with the lender in November 2014. It held 6.5 percent stake in the merged entity and has since offloaded shares.

Also read: Q3 Results: Kotak Mahindra Bank Beats Estimates On Strong Loan Growth