Kotak Mahindra, Axis Bank deny merger talks; shares up

Kotak Mahindra Bank and Axis Bank have dispelled merger rumours. Shares of the two banks continue to trade in green on Thursday. 

At 1250 hours the shares of the company were trading at Rs 770 per piece, up 0.31% or Rs 2.35 on BSE. At the same time, shares of Axis Bank were trading at Rs 488.05 per piece, up 0.11% or Rs 0.55. 

Media reports suggested that Kotak Mahindra Bank and Axis Bank likely to merge. According to a The Economic Times report, if the deal goes through, it could take the valuation to Rs 2.5 lakh crore, making it the most valuable Indian bank after HDFC Bank. 

The banks have denied such rumours. 

The report quoted Axis Bank's spokesperson saying, "Axis is one of the strongest financial institutions in the country with a large customer franchise. We urge you to exercise extreme caution in dealing with this misinformation."

Also, Kotak Mahindra Bank spokesperson called the reports "rumours and speculation".