Kotak Mahindra Bank shares rise on new CEO appointment
The stock opened sharply higher at ₹426.00 against a previous close of ₹417.00 and touched an intraday high of ₹435.60 before paring gains through the session.
Kotak Mahindra Bank shares surged in value following the Reserve Bank of India's approval for Anup Kumar Saha to become the bank's new CEO. As of the afternoon trading session on Thursday, the bank's shares were up 0.95 per cent, trading at ₹420.95 on the National Stock Exchange. The stock opened the session at ₹426.00, only to dip to a low of ₹420.95 before stabilising.
Throughout the day, the stock saw a trading volume of 625.25 lakh shares, amounting to a traded value of ₹2,681.39 crore. However, the price dip came after a sell-side pressure, with 65.29 per cent of the total order quantity being on the sell side, compared to 34.71 per cent on the buy side. The appointment of Saha to the role came under Section 35B of the Banking Regulation Act, 1949, and will serve for a three-year term starting January 1, 2027.
Saha, who has over 32 years of experience in the financial services sector, previously held the same position at Bajaj Finance Limited and spent a considerable time at ICICI Bank. The bank's market capitalisation stands at approximately ₹4,18,607 crore. The Board will still need to formally confirm the appointment, awaiting shareholder approval.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
