Moneycontrol News
Shares of Axis Bank rallied 3 percent intraday on Wednesday following the bank’s clarification on its MD’s resignation as well as Kotak Mahindra Bank founder’s comments on Tuesday.
“… (The rumour) is false, speculative and is being circulated with the malafide intention of misleading the investors and the general public,” the lender clarified in a notification to the exchanges.
Meanwhile, Kotak on Tuesday appealed to the government to send “strong signals” to encourage the private sector to take “honest risks” and “grow fearlessly” and said the time had come for hostile takeovers in the country.
He was speaking in a panel discussion at The Growth Net event.
“I would love to see the merger and acquisition (M&A) market in India get developed further,” he said, adding,” may be a time has come where we should see some hostile takeovers as well. We have not seen them for a long-time in this country.”
“The time has come to move forward and be bold and there will be challenges in sectors. You are seeing telecom sector going through its challenges and moving forward,” he said.
Kotak’s remarks are significant considering the persistent speculation that Kotak Mahindra Bank was likely to make a bid for Axis Bank.
Before posting Wednesday's gain, the stock fell over 4 percent in the past three days. At 11:20 hrs, it was quoting at Rs 494.25, up Rs 6.25, or 1.28 percent on the BSE. It touched an intraday high of Rs 502.35 and an intraday low of Rs 484.30.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
