Kotak Mahindra falls over 2%, mcap erodes by `7,777.33 crore

New Delhi: Shares of Kotak Mahindra Bank on Tuesday declined over 2 per cent, wiping out Rs 7,777.33 crore from its market capitalisation as the company’s name cropped up in the Adani-Hindenburg row.

The stock went lower by 2.16 per cent to settle at Rs 1,769.60 apiece on the BSE Sensex.

During the day, it tumbled 3.98 per cent to Rs 1,736.65.

On the NSE , it declined 2.12 per cent to Rs 1,769.60 per share.

The company’s market valuation eroded by Rs 7,777.33 crore to Rs 3,51,787.86 crore.

Meanwhile, other bank stocks also declined on Tuesday, with Bank of Baroda slumping 2.65 per cent, IndusInd Bank (1.89 per cent), State Bank of India (1.87 per cent), ICICI Bank (1.79 per cent), Canara Bank (1.69 per cent), Federal Bank (1.55 per cent) and Axis Bank (0.63 per cent).

The BSE bankex index ended lower by 0.91 per cent at 59,307.59.