Kotak Bank shares jump 8% on report of Berkshire investment

Kotak shares rose as much as 8.03 percent to 1,275 rupees, their highest since Sept. 4. The stock posted its biggest intraday gain since Nov. 2014. Photo: Mint

Kotak shares rose as much as 8.03 percent to 1,275 rupees, their highest since Sept. 4. The stock posted its biggest intraday gain since Nov. 2014. Photo: Mint

Shares of India’s Kotak Mahindra Bank Ltd jumped as much as 8 percent on Friday after CNBC-TV18 reported that Warren Buffett’s Berkshire Hathaway Inc is planning to invest about $4 billion to $6 billion in the bank.

Berkshire Hathaway may invest in the lender by buying promoter stake or through a preferential allotment, the television channel reported.

Kotak shares rose as much as 8.03 percent to 1,275 rupees, their highest since Sept. 4. The stock posted its biggest intraday gain since Nov. 2014.

Kotak Mahindra Bank and Berkshire Hathaway were not immediately available to comment on the matter.

First Published: Fri, Dec 07 2018. 11 02 AM IST

Source: livemint