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ICICI Bank was the top gainer in the opening session, up around 1 per cent, after the private sector lender's Q2 net profit jumped 36 per cent year-on-year to Rs 10,261 crore on higher core income and lower provisions.
Uday Kotak, who stressed on the importance of competition within sectors and a stronger role for the Competition Commission of India, said that the entry of Jio into financial services is a good thing.
Shares of private sector lender Kotak Mahindra Bank declined nearly 4 per cent in initial trade on Monday after the company's June quarter results failed to cheer investors.