Kotak Mahindra shares down nearly 5% as Q1 net profit falls

Shares of Kotak Mahindra Bank today fell by nearly 5 per cent after the company reported 25.8 per cent decline in net profit for the first quarter.
The stock declined by 4.43 per cent to Rs 684.40 at BSE.
On the NSE, the scrip fell by 4.6 per cent to Rs 683.80.
Private sector lender Kotak Mahindra Bank yesterday reported 25.8 per cent decline in net profit at Rs 516.57 crore for the first quarter ended June 30, on account of higher provisioning for bad loans.
The bank had reported a net profit of Rs 696.70 crore in the April-June quarter of last fiscal, it said.

However, Kotak's total income increased to Rs 6,384.63 crore in the quarter from Rs 5,006.63 crore year ago.
On a standalone basis, the net profit plunged to Rs 190 crore in quarter under review from Rs 429 crore in the same period a year ago.