Jefferies upgraded Kotak Mahindra Bank to 'Overweight' on supportive valuations post recent RBI actions. The bank showed in Q4 print that core operating metrics remain strong, the foreign brokerage said.
Kotak Mahindra Bank aims to redistribute resources to mitigate the effects of RBI s recent measures, which prohibited the bank from onboarding new customers online and issuing fresh credit cards. The bank emphasized its collaboration with regulators to enhance technology standards and bolster IT infrastructure through increased investments.
Kotak Mahindra Bank s shares plummeted 4%, hitting a new 52-week low of Rs 1,561 following Joint MD KVS Manian s resignation. Nuvama downgraded the stock from buy to reduce. Earlier, RBI restrictions caused a 10% decline last week.