Shares of Kotak Mahindra Bank gained almost 1% and hit a fresh record high of Rs 1,949.45 on Tuesday after the RBI approved the re-appointment of Uday Kotak as managing director of the bank
Kotak Mahindra Bank shares touched a fresh 52-week and all-time high of Rs 1,956, rising 0.9% against the last close of Rs 1,940.15. Kotak Mahindra Bank share stands higher than 5, 20, 50, 100 and 200-day moving averages. Market capitalisation of the lender stood at Rs 3. 85 lakh crore today.
Kotak Mahindra Bank share price has risen 10% in one month and 15% in one year. The stock has gained 7.27% in the last 6 days.
"The Reserve Bank of India (RBI) has vide its letter dated 14th December 2020, granted approval for the re-appointments of Prakash Apte as Part-time Chairman; Uday Kotak as MD & CEO; and Dipak Gupta as Joint MD for a period of 3 years, with effect from January 1, 2021," the bank said in a regulatory filing.
The banking sector regulator also approved the appointment of part-time chairman Prakash Apte for three years.
It may be noted that the board of the bank and the shareholders had approved these re-appointments, subject to the approval of the RBI, at their respective meetings held on May 13, 2020, and August 18, 2020, the filing said.