Kotak Mahindra Bank’s shares fell 13% on Thursday as a result of the RBI’s decision to forbid the company from issuing new credit cards or accepting new clients via its mobile and internet banking platforms.
On the BSE, the stock fell 12.10 percent to Rs 1,620, its 52-week low.
It dropped 13% at the NSE to Rs 1,602, its 52-week low.
The market capitalization (mcap) of the firm decreased to Rs 3,28,662.96 crore from Rs 37,720.8 crore.
The stock turned out to be the largest underperformer on the NSE Nifty and the BSE Sensex.
will keep collaborating with RBI to quickly address any balance-related concerns as soon as possible.
“Serious deficiencies and non-compliances were observed in the areas of IT inventory management, patch and change management, user access management, vendor risk management, data security and data leak prevention strategy, business continuity and disaster recovery rigour and drill, etc.” the RBI stated in a statement about the supervisory action against Kotak Mahindra Bank. With immediate effect, Kotak Mahindra Bank has been instructed “to cease and desist” from providing new credit cards and onboarding new clients via its online and mobile banking platforms.
