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"The digital acquisition of customers will be adversely impacted but the reputational impact is surprising since Kotak is considered to be a conservative bank with good processes and systems in place," said Kaitav Shah, banking analyst, Anand Rathi Brokerage.
FPIs trim stake in private banks financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
Analysts, however, say upsides in these shares could be limited because of rising credit costs and rich valuations. Shares of UCO Bank soared 15.23% to an all-time high of ₹60.65.
"Since HDFC Bank is a darling of the market, the expectations were higher and the lower delivery led to harsh reactions," said Siddhartha Khemka, head of research at Motilal Oswal Securities.