(Reuters) -Indian shares opened higher on Monday, led by top private lender HDFC Bank and IT major Tech Mahindra after their better-than-expected quarterly earnings. The NSE Nifty 50 opened 0.3% higher at 24,

Kotak Mahindra Bank shares dropped significantly on Monday, falling by over7% to hit a low of Rs 1,735 in early trade, after the private lender reported mixed Q2 FY25 earnings. At 1:02 pm, shares of the bank were down 5.18% to Rs 1,773 on the Bombay Stock Exchange (BSE).

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.

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.

Kotak Mahindra Bank's Q2 earnings result was muted, leading to weak performance. According to Devang Gheewalla of Kotak Bank Ltd, the acquisition of Standard Chartered will help aid net interest margins (NIMs).