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As of 1:40 pm, the shares had recovered slightly and were trading at ₹1,017.30 down nearly 7%.

As of 3:27 pm, the IPO was subscribed 3.06 times. The retail portion had received maximum bids being oversubscribed 4.81 times.

The IPO consists of an offer-for-sale (OFS) of 48 lakh equity shares valued at Rs 721.44 crore, at the higher end of the price band

The broader market is reflecting mixed results, with the BSE Midcap index slightly down by 0.99% and the BSE Smallcap index decreasing by 0.95%

The gross non-performing assets (NPA) ratio improved slightly, dropping by 0.25% to 2.88%, while advances grew by 15%.

Kotak's net NPA increased to 0.43% from 0.37% YoY at September's end, while its GNPA increased to 1.49% from 1.72% YoY.

Compared to 47,985 units during the same period last year, housing sales decreased to 41,871 units in the third quarter of the 2024 calendar year.

All sectoral indices except for auto ended in negative territory

The net proceeds from the fresh issue, amounting to ₹625 crore, will be used to strengthen the capital base and improve solvency levels, along with other corporate purposes.

Additionally, the result fell short of street projections of Rs 956 crore. Operating revenue fell to Rs 15,635 crore, a 2% YoY decrease.