In a resignation letter, Kotak Mahindra Bank non-executive non-independent director Mark Newman said ING Group has sold its entire stake in the private lender on Friday.

Following the stake sale, Newman has resigned from Kotak Mahindra Bank with immediate effect.

ING Mauritius Investments held a 3.06 percent stake or 5,84,53,476 shares, in Kotak Mahindra Bank as of December 31, 2018.

Shares of Kotak Mahindra Bank settled at Rs 1,241.05 apiece, down 3.71 percent on the BSE.

(This is a developing story. Check back for more details)

First Published:Feb 22, 2019 6:53 PM IST