India's Kotak Mahindra Bank slips after missing quarterly profit estimates
The stock was the top laggard on the Nifty Bank index (.NSEBANK), opens new tab and Nifty Private Bank index (.NIFPVTBNK), opens new tab, which were trading 0.5% and 1.1% lower. It was also the top percentage loser on the benchmark Nifty 50 (.NSEI), opens new tab, which eased 0.4%.
On Saturday, Kotak reported a drop in first-quarter profit, as it set aside more funds for potential bad loans and its gross non-performing assets ratio worsened to 1.48% at the end of June, versus 1.39% a year earlier.
At least eight analysts slashed their price targets on the "buy"-rated stock, reducing its median target to 2,340 rupees from 2,350 rupees last month, as per data compiled by LSEG.
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