The Reserve Bank of India has levied a penalty of INR 2,00,00,000/- (Rupees two crore only) on Kotak Mahindra Bank Limited.
The penalty is for failure to comply with RBI's directions to submit details of the promoter shareholding, the proposed course of action / plans / strategy by the Bank, and not conveying the commitment of the Bank for achieving promoter dilution as per the timelines stipulated. The Bank is examining the order.
Shares of KOTAK MAHINDRA BANK LTD. was last trading in BSE at Rs.1510 as compared to the previous close of Rs. 1515.2. The total number of shares traded during the day was 58832 in over 2318 trades.
The stock hit an intraday high of Rs. 1519.9 and intraday low of 1488.8. The net turnover during the day was Rs. 88581535.