Kotak Mahindra Bank's shares decline nearly 3%

New Delhi: Shares of Kotak Mahindra Bank declined nearly 3 per cent on Monday amid the Reserve Bank approving Ashok Vaswani as the CEO of the lender, which reported a rise in September quarter profit.

The stock fell 2.65 per cent to Rs 1,722.50 on the BSE while shares of the lender on the NSE declined 2.66 per cent to Rs 1,722.45.

Kotak Mahindra Bank's consolidated net profit for the September quarter increased 23.56 per cent to Rs 4,422.86 crore, helped by core income.

On a standalone basis, the bank's net profit for the September quarter grew to Rs 3,191 crore compared to Rs 2,581 crore in the same period last year.

Its core net interest income rose 20.49 per cent to Rs 6,297 crore on a 21 per cent growth in advances and a wider net interest margin of 5.22 per cent.

On Saturday, the lender also said the Reserve Bank of India (RBI) has approved Ashok Vaswani, an external candidate, to lead it and succeed its founder Uday Kotak, as the managing director and chief executive officer.