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Warren Buffett stake buy buzz lifts Kotak Mahindra Bank by 13%

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NEW DELHI: Shares of Kotak Mahindra Bank jumped over 13 per cent on Friday on a news report that Warren Buffett's Berkshire Hathaway is looking to buy 10 per cent stake in the bank.

The rise was its biggest percentage gain since May 31. Source: BSEThe stock got traction after CNBC-TV 18 reported that Berkshire Hathaway is eyeing 10 per cent stake in the bank.

The Buffett firm is reported to be lining up $4-6 billion for Kotak Mahindra Bank through promoter stake buy or preferential allotment. More than 0.37 crore shares of Kotak Bank traded as of 0508 GMT against the 30-day average of 0.25 crore, according to Reuters. The stock has risen 16.8 per cent this year as of the last close, compared with a 2.6 per cent gain on the Nifty Bank.




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