Kotak Mahindra Bank is the biggest Indian stock bet for Canada Pension Plan Investment Board or CPP Investments. The pension fund owned 4,38,81,500 shares, or 2.68 per cent stake, in the bank, as on June 30.
Kotak's contribution was pivotal in guiding the bank through its transition from being an NBFC to obtaining a banking license in 2003 and evolving as one of the most reputed financial organisations in the country, a brokerage said.
With succession-related issues seen as a major overhang for the stock, Kotak Mahindra Bank shares have been underperforming and now Uday Kotak s premature exit as MD and CEO of the private lender has come as a surprise to investors.