Kotak Bank stock slips post block deal; stock among top Nifty 50 loser

24 Mar 2022 , 11:24 AM

Shares of Kotak Mahindra Bank fell over 2% and were among the top Nifty 50 losers in the morning trade on Thursday. The stock came under pressure after the media report stated that Canada Pension Plan Investment Board is likely to sell up to 40 million shares, or 2.02% of the stake, in the bank today through block deals.

The Canadian pension fund will likely raise as much as Rs7,079 crore through the stake sale.

The floor price has been fixed at Rs1,681.26 – 1,769.75 apiece, according to media reports.

Kotak Mahindra Bank Ltd is currently trading at Rs1,727 down by Rs40.95 or 2.32% from its previous closing of Rs1,767.95 on the BSE. The scrip opened at Rs1,714 and has touched a high and low of Rs1,729 and Rs1,699.05 respectively.

Further, Kotak Mahindra Bank and Axis Bank on Tuesday has acquired a 7.84 per cent stake each in the open public digital infrastructure framework entity ONDC. Both the banks have invested Rs 10 crore each in the entity.

“Kotak Mahindra Bank has subscribed to 10,00,000 equity shares of Open Network for Digital Commerce (ONDC) for a consideration of Rs 10 crore, translating into an equity shareholding of 7.84 percent in ONDC as of March 22, 2022,” Kotak Bank said in a regulatory filing.