Axis Bank Ltd and Kotak Mahindra Ltd, the private bank's shares have been shot up by 3.38% and 8.31%. As a consequence, Since December amid speculations of a potential merger among them.

The officials from both the companies have denied such deal. And with all this, the founder of Kotak Mahindra ‘Uday Kotak’ refused to comment on the speculation. He said that "we will always keep an open mind.”

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

The merger between the two banks would be the biggest consolidation in the private banking sector. Together, they could be worth around Rs 2.5 lakh crore, which would make the newly merged entity the second most valuable bank in the country after HDFC Bank. 

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