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 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.

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.

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,

Kotak Mahindra Bank shares plunged nearly 7% on Monday after its September quarter earnings disappointed investors. The stock's market valuation eroded by Rs 24,801.79 crore.

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.