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Shares of his company tanked nearly 12 per cent on Thursday, April 25.
Many Indian businessmen created their billion-dollar business empires. Some are even included in India’s richest billionaire list. However, they also suffered major financial losses sometimes. One such person is Kotak Mahindra Bank founder Uday Kotak. He has lost around Rs 10,225 crore of his wealth in a day. This comes a day after RBI barred Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards with immediate effect.
The billionaire founder holds a 25.71 per cent stake in the bank. He is India’s richest banker, but his wealth has now reduced to USD 12.6 billion, as per Forbes. This is around Rs 105010 crore. Meanwhile, shares of Kotak Mahindra Bank tanked nearly 12 per cent on Thursday (April 25). The company’s market capitalisation eroded by Rs 39,768.36 crore to Rs 3,26,615.40 crore. It was Rs 3,66,383.76 crore on Wednesday (April 24).
The stock plummeted 10.85 per cent to settle at Rs 1,643 apiece on the BSE. On the NSE, it declined 10.73 per cent to Rs 1,645 per share. During the day, the stock tumbled 13 per cent to the 52-week low of Rs 1,602. The stock emerged as the biggest laggard on both the BSE Sensex and NSE Nifty.
Uday Kotak started a finance firm in 1985 and then converted it into a bank in 2003. Last year in September 2023, Uday Kotak stepped down as CEO and managing director of the bank, four months ahead of his retirement. The 65-year-old is now a non-executive director on the board.
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