Anand Rathi Soars On Strong Q1: SEBI RA Rajneesh Sharma Sees Breakout Beyond ₹2,300
By Malvika Gurung
Investing.com -- The asset management firm Canada Pension Plan Investment Board offloaded more than 3 crore equity shares of the leading private sector lender Kotak Mahindra Bank (NS:KTKM) on Friday.
In a bulk deal conducted on June 9, 2023, Canada Pension Plan Board sold a total of 3.3 crore equity shares of Kotak Mahindra Bank through open market transactions, equating to an almost 1.6% stake in the lender.
The deal was executed at a price of Rs 1,855.64 per share, which takes the transaction price of the stake sale to a total of Rs 6,123.61 crore.
As per Kotak Mahindra Bank’s March 2023 quarter shareholding pattern, Canada Pension Plan Investment Board held a 4.34% stake in it or 8,63,10,661 shares of the bank, which has reduced to a nearly 3% shareholding following Friday’s bulk deal.
Shares of the private bank ended 0.77% lower at Rs 1,872 apiece on Friday, extending its downward trend for the third consecutive session.
In a week, the lender’s shares have declined 3.44%, underperforming Nifty Bank as well as the two benchmark indices Nifty and Sensex.
InvestingPro’s financial models appear bearish on the banking stock and have an average fair value of Rs 1,665.24/share set on it, indicating a downside of 11%.
InvestingPro sees the most bearish fair value set on Kotak’s stock at Rs 1,214/share, indicating a whopping 35.14% potential downside.