Kotak falls; Macquarie downgrades to neutral

Shares in Kotak Mahindra Bank fall. The stock was trading down nearly 2 percent to 1034.55 rupees as of 11:35 a.m.

Macquarie downgrades the stock to "neutral" from "outperform."

Brokerage cites Kotak Mahindra's "massive outperformance"

Says stock "looks very expensive to us."

Kotak's shares have risen 17.7 percent since the start of June vs 4.3 percent gain in the Nifty.

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