Among the banking stocks, ICICI Bank, IndusInd Bank, IDFC First Bank, Bandhan Bank and Federal Bank from the private sector and Bank of Baroda (BOB), Punjab National Bank and State Bank of India (SBI) from the public sector slipped in the range of 1 per cent to 3 per cent.
Meanwhile, shares of Kotak Mahindra Bank slipped 4 per cent in intraday deals on Tuesday to Rs 1,737 levels.
The stock partially erased its losses and was trading down by 2 per cent to Rs 1,770 levels as trade progressed.
“K- India Opportunities Fund Ltd. (KIOF) is a SEBI registered Foreign Portfolio Investor and is regulated by the Financial Services Commission of Mauritius.
The Fund follows due KYC procedures while onboarding clients and all its investments are made in accordance with all applicable laws.
Banking stocks remained under pressure, with Nifty Bank index down nearly 1 per cent on the National Stock Exchange (NSE) in Tuesday’s intra-day trade following reports of the Securities and Exchange Board of India (Sebi), India's market regulator, issued a "show-cause notice" to Hindenburg Research on June 27th, 2024.
ALSO READ: Hindenburg receives show cause notice from Sebi over Adani issue Click here to connect with us on WhatsApp The US-based short seller has alleged 'surreptitious aid' by the Sebi to the Gautam-Adani led group and also named a private bank in the Adani-Hindenburg saga.
Among the banking stocks, ICICI Bank, IndusInd Bank, IDFC First Bank, Bandhan Bank and Federal Bank from the private sector and Bank of Baroda (BOB), Punjab National Bank and State Bank of India (SBI) from the public sector slipped in the range of 1 per cent to 3 per cent.
ALSO READ: Trading strategy for Adani Group stocks At 02:27 pm; Nifty PSU Bank index, the top loser among sectoral indices, was down 1.4 per cent, while Nifty Bank (down 0.75 per cent) and Nifty Private Bank index (down 0.90 per cent) were down less than 1 cent. In comparison, the Nifty 50 was down 0.04 per cent at 24,133.50.
Meanwhile, shares of Kotak Mahindra Bank slipped 4 per cent in intraday deals on Tuesday to Rs 1,737 levels. The stock partially erased its losses and was trading down by 2 per cent to Rs 1,770 levels as trade progressed.
The bank has issued the following clarification on the latest development in the Adani-Hindenburg case.
“K- India Opportunities Fund Ltd. (KIOF) is a SEBI registered Foreign Portfolio Investor and is regulated by the Financial Services Commission of Mauritius. The Fund, was established in 2013 to enable foreign clients to invest in India. The Fund follows due KYC procedures while onboarding clients and all its investments are made in accordance with all applicable laws. We have cooperated with regulators in relation to our operations and continue to do so.
Kotak Mahindra International Limited (KMIL) and KIOF unequivocally state that Hindenburg has never been a client of the firm nor has it ever been an investor in the Fund. The Fund was never aware that Hindenburg was a partner of any of its investors. KMIL has also received a confirmation and declaration from the Fund’s investor that its investments were made as a principal and not on behalf of any other person,” Kotak Mahindra Bank’s spokesperson said.
Disclosure: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt Ltd
