Kotak Mahindra Bank up nearly 2% as RBI allows FIIs to buy shares
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NEW DELHI: Kotak Mahindra Bank Ltd -0.22 % rallied as much as 1.7 per cent in trade on Friday, after the Reserve Bank of India (RBI) allowed overseas investors, to buy shares of the private sector lender.
At 09:30 a.m.; the stock pared some of the morning gains but was still trading 0.6 per cent higher at Rs 873. It hit a low of Rs 868 and a high of Rs 882.50 in trade today.
The RBI said that shareholding by foreign institutional investors ( FIIs) under the portfolio investment scheme in the bank has gone below the prescribed threshold limit stipulated under FDI rules, PTI reported.
"Hence, restrictions placed on purchase of shares of Kotak MahindraBSE -0.22 % Bank 0.22 % are withdrawn with immediate effect," the RBI said in a statement.
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