Many Indian billionaires suffered major losses in their lives due to a fall in their businesses. However, they bounced back and overcame the loss. They still are among the richest people in India. One such person is Uday Kotak, founder of Kotak Mahindra Bank. The 65-year-old billionaire lost Rs 15,954.65 crore on Monday after his bank's shares ended nearly 5 per cent lower after its September quarter earnings failed to cheer investors.
The market valuation of the bank eroded by Rs 15,954.65 crore to Rs 3,55,784.02 crore. The stock was the biggest laggard among the BSE Sensex firms. Sharp fall in Kotak Mahindra Bank shares dragged the markets lower.
However, despite this, Uday Kotak has a real-time net worth of Rs 114333 crore, as per Forbes. He is India's richest banker. His Kotak Mahindra Bank is among India's top four banks in the private sector. Born in Mumbai, Uday Kotak spent his childhood in a joint-family household. Uday Kotak was passionate about cricket since his childhood and he wanted to become a cricketer. However, his dream to play cricket for India ended after he suffered from a head injury during a match. He underwent surgery and remained bedridden for a few months.
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In the early 1980s, Uday Kotak started his own financial agency and then went on to convert it into a bank in 2003. Kotak Mahindra Bank on Saturday posted a 13 per cent growth in September quarter profit to Rs 5,044 crore, helped by the performance of its subsidiaries. On a standalone basis, the private sector lender's net profit for the quarter grew 5 per cent to Rs 3,344 crore, limited by a jump in provisions.
