(MENAFN- AsiaNet News) Axis Bank's shares rose by 4% due to better-than-expected Q4 results, while Kotak's shares dropped by 10% following an RBI ban on digital customer sourcing and new credit card issuance.
Axis Bank on Thursday overtook Kotak Mahindra Bank to become the fourth largest lender by market capitalisation in India.
The situation follows a 10% decrease in Kotak Mahindra Bank shares due to RBI limits on credit card issuance and online client onboarding. Conversely, Axis Bank's stock increased by almost 5% as a result of strong Q4 earnings.
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As of 11 am on April 25, Kotak Mahindra Bank's market capitalization is Rs 3.29 lakh crore, following a 10% decline in its shares. However, after posting a Q4 net profit of Rs 7,129 crore versus a loss of Rs 5,728 crore a year earlier, Axis Bank's shares surged 4.82 per cent, bringing its market capitalization to Rs 3.43 lakh crore.
HDFC Bank topped the lenders in India with a mcap of Rs 11.5 lakh crore, followed by ICICI Bank (Rs 7.78 lakh crore) and State Bank of India (Rs 6.99 lakh crore).
All other lenders, excluding Kotak Mahindra Bank, saw increases in stock market trade on Thursday.
The Reserve Bank of India barred Kotak Mahindra Bank on April 24 from issuing new credit cards and from accepting new clients via its mobile and internet banking platforms.
It, however, said the bank shall, however, continue to provide services to its existing customers, including its credit card customers.
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