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Kotak Mahindra drops on ING share sale

June 24, 2010

ING/Shares in Kotak Mahindra Bank fell as much as 3.4 percent during trade on Thursday after Dutch financial services group ING sold its 3.1 percent stake in the bank.
The sale of 10.8 million shares in stock market block deals, which helped ING raise $175 million, was done at 750 rupees a share, sources told Reuters. Another source had told Reuters yesterday that it would be in the range of 730-750 rupees each.

Kotak Mahindra, which the market values at roughly $6 billion, ended 2.6 percent lower at 762 rupees with volumes of 0.1 million shares.

Do you see Indian banks being affected with the government taking up applications of foreign banks to set up operations in India?

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