Uday Kotak Networth Fells by 1.3 billion Dollar Due To Kotak Mahindra Stock Crash After RBI Action

Uday Kotak Networth: After the major action of the Reserve Bank of India, on Thursday 25 April 2024, a huge fall of about 12 percent was seen in the shares of Kotak Mahindra Bank. Institutional and retail shareholders investing in Kotak Mahindra Bank have suffered huge losses. But Uday Kotak, founder and non-executive director of Kotak Mahindra Bank, has suffered the biggest loss. Due to the sharp fall in the stock of Kotak Bank, Uday Kotak has suffered a loss of $ 1.3 billion or Rs 10225 crore in his assets.

Uday Kotak suffered a big loss

Uday Kotak holds 25.71 percent stake in Kotak Mahindra Bank. The stock today closed at Rs 1643 with a fall of about 10.85 percent. Being the largest shareholder of Kotak Bank, Uday Kotak has suffered a huge loss. The market cap of Kotak Mahindra Bank on April 24, 2024 was Rs 3,66,383 crore, which has come down to Rs 326,615 crore on Thursday. That means the market cap declined by Rs 39,768 crore in a single session. Due to this fall in the stock, the market value of Uday Kotak's share holding decreased by Rs 10225 crore. Due to the fall in the stock of Kotak Mahindra Bank, mutual funds and insurance companies who are shareholders of the bank have also suffered losses. LIC has suffered a loss of around Rs 2570 crore.

RBI's action increased the difficulty

This fall in the stock of Kotak Mahindra Bank has come due to the major action of RBI. RBI has banned banks from creating new credit card customers through online or mobile banking. Due to this news, it fell by 12 percent to Rs 1620 during the day's trading. After this action of RBI, many brokerage houses have reduced the target price of the bank's stock. So in terms of market cap, Axis Bank has become the fourth largest bank in the country, leaving behind Kotak Bank.

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