Business News: The Mahindra Group to purchase RBL Bank stock!

Mahindra & Mahindra, a major player in the automotive industry, is getting ready to place a significant wager in the banking industry. In addition to the automotive industry, the company also does business in non-bank lending and technological services. However, the Mahindra Group is now planning to enter the official banking industry. For this reason, the Mahindra Group has chosen to acquire a 10% interest in the private bank RBL Bank.

Shares of banks increased by more than 7%

RBL Bank's stock is up more than 7% as of the close of today's trade. On the NSE, RBL Bank shares completed the day at Rs 239.40, up Rs 16.10 or 7.21%. The bank's shares, on the other hand, closed at Rs 238.80 on the BSE, up Rs 15.90 or 7.13%. Financial services are provided by Mahindra & Mahindra Financial Services, a member of the Mahindra Group. RBL Bank has more than 500 branches spread over all of India.