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.