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Kotak Mahindra shares end flat

Kotak Mahindra Bank

Mumbai: Kotak Mahindra Bank stock ended flat today, erasing intra-day losses after an inter-ministerial panel deferred decision on its proposal for raising foreign investment limit to 55 per cent.

After falling 2 per cent to Rs 1,263.75, shares of Kotak finally ended at Rs 1,290.90, up 0.09 per cent on the BSE.

ON the NSE, the scrip settled 0.04 per cent down at Rs 1,289.15.

The Foreign Investment Promotion Board (FIPB) had taken up the application in its meeting recently, but the decision was deferred, for the second time, for want of comments from the Department of Financial Services.

According to Finance Ministry sources yesterday, the DFS is likely to submit its comments by the end of this month.

Earlier, the board had deferred decision on the proposal in its 217th meeting held on April 30.

Kotak is seeking FIPB approval to raise the aggregate foreign investment limit to 55 per cent.

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