Kotak Mahindra shares down nearly 5% as Q1 net profit falls

Shares of Kotak Mahindra Bank fell by nearly 5% after the company reported 25.8% decline in net profit for the first quarter. 

The stock declined by 4.43% to Rs 684.40 at BSE. On the NSE, the scrip fell by 4.6% to Rs 683.80. Private sector lender Kotak Mahindra Bank yesterday reported 25.8% decline in net profit at Rs 516.57
crore for the first quarter ended June 30, on account of higher provisioning for bad loans. 

The bank had reported a net profit of Rs 696.70 crore in the April-June quarter of last fiscal, it said. 

However, Kotak's total income increased to Rs 6,384.63 crore in the quarter from Rs 5,006.63 crore year ago. 

On a standalone basis, the net profit plunged to Rs 190 crore in quarter under review from Rs 429 crore in the same period a year ago.