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Stock market opens in red, Kotak Mahindra Bank shares plunge 10% on RBI curbs
Stock Market
File image/Wallpaper Cave

Stock market opens in red, Kotak Mahindra Bank shares plunge 10% on RBI curbs

| @indiablooms | 25 Apr 2024, 10:58 am

Mumbai/IBNS: The Indian benchmark indices opened on a negative note on Thursday (Apr 25), following global peers down as a rout in tech stocks dragged the US benchmark indices down after disappointing forecasts by Facebook's parent Meta.

At the opening bell, Nifty was down 53.50 points (0.24 percent) at 22,348.90 and Sensex was down 181.27 points (0.25 percent) at 73,671.67. About 1,272 shares advanced, 865 shares declined, and 144 shares remained unchanged.

Some major gainers on Nifty 50 were Axis Bank, Eicher Motors, HCLTech, Sun Pharma and Nestle India, while Kotak Mahindra Bank, Tata Consumer Products, LTIMintree, HUL, and Titan, were among the top drags.

Meanwhile, Axis Bank, HCLTech, HDFC Bank, Sun Pharma, and IndusInd Bank were the top gainers on Sensex, while Kotak Mahindra Bank, HUL, Titan, Asian Paints, and Mahindra & Mahindra were among the biggest drags.

The share price of Kotak Mahindra Bank plunged 10 percent in early trade on Thursday (Apr 25) after the Reserve Bank of India (RBI) barred the country's third largest private sector bank from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards, citing "absence of a robust IT infrastructure and IT Risk Management framework".

File image: Facebook/Kotak Mahindra BankFile image: Facebook/Kotak Mahindra Bank

The private sector bank's shares declined as much as 10 percent to ₹1,658.75 apiece on the BSE.

On Apr 23 (Tuesday), the NSE Nifty closed at  22,402.40, up 34.40 points (0.15 percent), while the BSE Sensex settled the day at 73,852.94, up 114.49 points (0.16 percent).

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