Kotak Mahindra Bank shares plunge nearly 5 pc after Q3 results

New Delhi, Jan 20 () Shares of Kotak Mahindra Bank on Monday tumbled nearly 5 per cent after the lender reported a rise in non-performing assets in December 2019 quarter.

The company's scrip plunged 4.70 per cent to close at Rs 1,618.05 on the BSE. During the day, it dropped 5.22 per cent to Rs 1,610.95.

At the NSE, it tanked 4.77 per cent to close at Rs 1,617.

The stock was the worst hit among BSE Sensex and NSE Nifty components.

Kotak Mahindra Bank on Monday reported 24 per cent growth in standalone net profit at Rs 1,596 crore for the third quarter ended December 31, 2019.

The private sector lender had posted a profit of Rs 1,291 crore in October-December period of the previous financial year.

Gross non-performing assets (NPAs) at quarter-end rose to 2.46 per cent of the total advances as compared with 2.07 per cent at the end of the third quarter of 2018-19.

Net NPAs too increased to 0.89 per cent of the assets in October-December 2019 as against 0.71 per cent a year ago.

Total income rose to Rs 8,077.03 crore during the quarter under review from Rs 7,214.21 crore in the year-ago period, Kotak Mahindra Bank said in a statement. SUM RVK