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Extended Summary:

Kotak Mahindra, Axis Bank shares rise on merger rumours.

Shares of private sector lenders Axis Bank Ltd and Kotak Mahindra Bank Ltd have risen 3.

The Bankex has gained 5.

On Thursday, Axis Bank shares rose 1% to Rs493 on the BSE, while the Kotak Mahindra Bank stock gained nearly 1% to Rs792.

In a filing to stock exchanges on 9 February, Axis Bank called these reports baseless speculation.

On 1 February, the Reserve Bank of India asked promoters at Kotak Mahindra Bank to reduce their stake in the lender to 15% by March 2020.

Kotak Mahindra Bank closed its merger with ING Vysya Bank in April 2015, after announcing it in November 2014.

For the quarter ended 31 December 2016, Axis Bank reported a net profit of Rs580 crore, down 73% from a year ago, owing to higher provisions to cover bad loans.

Kotak Mahindra Bank reported a net profit of Rs1,249.

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