Meet man who lost Rs 159540000000 in few hours, once wanted to become cricketer, his net worth is Rs 1143330000000, his business is…

Uday Kotak overcame a childhood injury to become one of India's most successful bankers, his journey is inspirational to all.

Written by: Anirudha Yerunkar Edited by: Anirudha Yerunkar

Published: October 22, 2024, 11:10 AM IST

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https://www.india.com/business/meet-uday-kotak-who-lost-rs-159540000000-in-few-hours-once-wanted-to-become-cricketer-his-net-worth-is-rs-1143330000000-his-business-is-kotak-mahindra-bank-shares-7340876/ Copy

In the world of business, profit and losses are daily things to discuss or handle. Everyday is not the same for all and share market trends keep changing. One such story is that of Uday Kotak, founder of Kotak Mahindra Bank. The 65-year-old billionaire recently lost Rs 15,954 crore in just one day after his bank’s shares dropped nearly 5%, following the release of its September quarter earnings, which failed to meet market expectations.

Despite this significant loss, Uday Kotak still holds a real-time net worth of Rs 1,14,333 crore, according to Forbes, making him India’s richest banker. His journey from a childhood passion for cricket to becoming a financial powerhouse is both inspiring and remarkable.

Uday Kotak In Childhood 

Born in Mumbai, Uday Kotak grew up in a joint-family household. As a child, Kotak was passionate about cricket and dreamed of playing for India. However, during a match, he suffered a serious head injury that required surgery and left him bedridden for months. This unfortunate event brought an end to his cricketing ambitions, but it also marked the beginning of a different path.

Journey Of Kotak Mahindra Bank

In the early 1980s, Uday Kotak ventured into the world of finance by starting his own financial agency. His entrepreneurial spirit and sharp business acumen helped him grow this venture, and in 2003, he transformed it into Kotak Mahindra Bank, one of India’s top four private sector banks today.

 Kotak Mahindra Bank Recent Setback

Shares of Kotak Mahindra Bank on Monday ended nearly 5 per cent lower after its September quarter earnings failed to cheer investors.The stock tanked 4.29 per cent to settle at Rs 1,789.55 on the BSE. During the day, it tumbled 7.20 per cent to Rs 1,735 apiece.On the NSE, it ended 4.73 per cent lower at Rs 1,782.50 after slumping 7.27 per cent to Rs 1,735 during the day. The company’s market valuation eroded by Rs 15,954.65 crore to Rs 3,55,784.02 crore.

Despite the setback, Uday Kotak’s wealthy person, underlining his resilience and the strong foundation of his bank. Kotak Mahindra Bank recently posted a 13% growth in profit for the September quarter, amounting to Rs 5,044 crore, due to its strong performances from its subsidiaries. However, on a standalone basis, the bank’s net profit grew by just 5% to Rs 3,344 crore, affected by increased provisions.