India's Kotak Mahindra Bank drops on worries over higher credit costs, soft loan growth
Analysts at Investec called Kotak's loan growth of 13% "a tad softer", while BofA analysts said the loan growth momentum was a "key disappointment." BofA also downgraded Kotak Mahindra Bank's stock to "neutral". Meanwhile, Bernstein analysts said Kotak saw yet another quarter of higher credit costs, which was a key surprise, especially as its peers reported stable or improving credit costs.