The stock plunged 7.21 per cent to hit a day low of Rs 1,735. Nuvama Institutional Equities has suggested a downward target price of Rs 1,615 per share.

Shares of Kotak Mahindra Bank on Monday tanked nearly 7 per cent after its September quarter earnings failed to cheer investors. The stock tumbled 6.63 per cent to Rs 1,743 apiece on the BSE after a weak beginning to the trade.

Last week, Kotak Mahindra Bank entered into an agreement to acquire Standard Chartered Bank's personal loan book in India for Rs 4,100 crore. The country's fourth-largest private lender aims to strengthen its position in the retail credit market.

Kotak Mahindra Bank's second quarter faced several challenges, including the Reserve Bank India's embargo and a weak macroeconomic environment.

Shares of India's Kotak Mahindra Bank and RBL Bank slumped on Monday as the lenders reported a jump in bad loans that hurt their second-quarter profit and margins, a trend that could continue for a few more quarters.

Kotak Mahindra Bank shares dropped 7.2% to ₹1,735 after disappointing quarterly results. Analysts downgraded the target price on the stock amid concerns over unsecured portfolio stress and declining margins.

Kotak's net NPA increased to 0.43% from 0.37% YoY at September's end, while its GNPA increased to 1.49% from 1.72% YoY.

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India's Kotak Mahindra Bank on Saturday reported a lower-than-expected 5% increase in July-September profit on higher loan provisions while lending margins shrank. The private lender's standalone net profit,