India, Oct. 6 -- Shares of major private sector banks moved sharply after their September quarter business updates, with Kotak Mahindra Bank emerging as the biggest gainer. The stock rose 4.42 per cent to an intraday high of Rs 434.40 on the NSE.

Axis Bank and IndusInd Bank also gained 1.28 per cent and 1 per cent, respectively. In contrast, IDFC First Bank shares fell 2.39 per cent to Rs 79.81.

Kotak Mahindra Bank Q2 Business Update

Kotak Mahindra Bank reported strong growth in both advances and deposits during the quarter. Net advances increased 24.7 per cent year-on-year and 12.7 per cent quarter-on-quarter to Rs 5.77 lakh crore. This was significantly higher than the 19.4 per cent YoY and 7.9 per cent QoQ growth estimated by MOFSL....