India's Kotak Bank soars to six-month high on report lender recommends two insiders for CEO

Kotak Mahindra Bank

01/09/2026 07:28

** Shares of Kotak Mahindra Bank KTKM.NS rise 2.1% to six-month high of 428.4 rupees to be top percentage gainer on Nifty Bank .NSEBANK index, which is down 0.5%
** Lender recommends two internal candidates - executive directors Anup Saha and Paritosh Kashyap - to succeed CEO Ashok Vaswani when his term ends next year, Reuters reports citing two sources
** Kotak Mahindra Bank, Saha and Kashyap did not respond to requests for comment
** "The recommendation of two internal candidates provides greater visibility on the succession process well ahead of the incumbent CEO's exit" - ICICI Securities
** "Kotak clearly now has to up the ante when it comes to growth," says Suresh Ganapathy of Macquarie, adding that markets may take Saha's appointment positively
** Stock rated "buy" on average by 39 brokers, median PT at 466.5 rupees - data compiled by LSEG
** YTD, KTKM down 2.8%, while Nifty Bank index down 3.2%



 (Reporting by Vivek Kumar M)
 ((VivekKumar.M@thomsonreuters.com;))