Shares of Kotak Mahindra Bank fell as JP Morgan has downgraded the stock to “neutral’’.
The stock fells as much as 1.2 per cent.
JP Morgan has downgraded the stock to “neutral’’ from “overweight’’, adjusting valuations after cutting earnings forecasts by 18-24 per cent for FY 2016-18.
It says revenue synergies from merger with ING Vysya Bank are accruing slower than expected.