Shares of Kotak Mahindra Bank Ltd. continue surging over 9 percent on the NSE, after media reported that Warren Buffett’s Berkshire Hathaway Inc. is in discussions to buy a stake in the Kotak Mahindra Bank. It is the Kotak bank’s biggest intraday gain since over 3 years.
The reaction followed by news CNBC-TV18 that Warren Buffett’s Berkshire Hathway is eyeing to buy a 10 percent stake in the bank that is being the estimated value of USD 4-6 billion approx. The report further more added that the Berkshire Hathway is mulling to purchase the stake through promoter allotment.
During Mid-noon hours of trade, Friday, Kotak Mahindra Bank stock was quoting at Rs. 1288.10 up by Rs. 107.85 or 9.14% on the NSE. The stock opened at Rs. 1181 and it touched a high and low of Rs. 1345.95 and Rs. 1,176.15 per share respectively. Meanwhile, benchmark index NSE trade higher at 10,625-levels up 0.23% and the Sensex trade higher at 35,452-levels up by 140 points.