Kotak Bank plunges 3.8% on weak Q1 earnings

The consolidated total income increased by 27.5 percent to Rs. 6.384 crore from Rs. 5.006 crore in the same above mentioned period.

Kotak Mahindra Bank has tumbled in early morning deals on the BSE, after the bank reported weak set of earning on account of higher provisioning for bad loans.

The Bank reported nearly 26 percent drop in consolidated net profit at Rs. 516.57 crore in the first quarter ended 30 June, 2015, as against net profit of Rs. 698.31 crore in the same period of last fiscal.

The consolidated total income, however, increased by 27.5 percent to Rs. 6.384 crore from Rs. 5.006 crore in the same above mentioned period.

Currently, the stock is trading at the lowest level of the day - with a drop 3.8 percent to Rs. 687.

The counter has witnessed trades of around 89,000 shares as against the daily average volume of 97,000 shares in the past two weeks.

Meanwhile, the BSE Sensex has surged 184 points at 27,889.