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Kotak Mahindra Financial institution hits 3-week low – BusinessLine

Kotak Mahindra Financial institution hits 3-week low – BusinessLine

Shares in Kotak Mahindra Financial institution Ltd fall practically 5 per cent to Rs 1,225, its lowest in over three weeks.

ING Group is trying to promote 1.21 per cent stake within the private-sector lender for over Rs 2,800 cr ($393.43 mn) by way of a block deal, sources stated citing bankers concerned within the deal. The provide value would vary between Rs 1,225-1,250 apiece, as much as 5 per cent low cost to Thursday’s closing value, the report added.

ING Mauritius Investments held 3.06 per cent within the financial institution as of December 31, based on Bombay Inventory Trade knowledge. The inventory is the highest per cent loser on each NSE and BSE index, the highest drag being on the NSE index.

The inventory posts greatest intraday fall since December 10; over 73 mn shares traded vs 30-day avg of two.5 mn. ING Group didn’t instantly reply to Reuters’ request for remark, whereas Kotak Mahindra Financial institution declined to remark

($1 = 71.1690 INR)

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