Kotak Bank Shares Fall After Canada Pension Fund Offloads 1.7% Stake
The Canada Pension fund sold 3.3 crore shares, representing a 1.7% stake, in Kotak Mahindra Bank in two large trades
Shares of Kotak Mahindra Bank Ltd. fell on Thursday after the Canada Pension Plan Investment Board sold a 1.7% stake in the bank in a large trade.
The Canada Pension Plan Investment Board sold a 1.7% stake in Kotak Mahindra Bank, according to Bloomberg. Around 3.3 crore shares of Kotak Mahindra Bank changed hands in two bunched trades.
Earlier on Thursday, BQ Prime reported that the fund was looking to sell a 1.7% stake in Kotak Mahindra Bank. The asset management company seeks up to Rs 6,225 crore for the sale of its stake in the bank, according to the terms of the deal reviewed by BQ Prime.
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Shares of Kotak Mahindra Bank fell 1.14% to Rs 1,865 apiece as of 09:42 a.m. on Friday, compared to a 0.08% decline in the benchmark Nifty 50. The scrip declined as much as 1.30% intraday.
The total traded volume so far in the day stood at 59.8 times its 30-day average. The relative strength index was 41.
Of the 42 analysts tracking the company, 24 maintain a 'buy' rating, 15 recommend a 'hold,' and three suggest a 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 14.6%.