Kotak Bank
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Kotak Bank

380.10
-5.85
(-1.52%)
Market Cap
3,78,066.81 Cr
PE Ratio
18.92
Volume
53,46,877.00
Day High - Low
390.00 - 379.35
52W High-Low
453.20 - 345.50
ann
Q1 Quarterly Results are out. Check out the updated financials1 day ago
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Key Fundamentals
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Market Cap
3,78,066.81 Cr
EPS
19.40
PE Ratio
18.92
PB Ratio
2.12
Book Value
182.07
EBITDA
27,024.60
Dividend Yield
0.17 %
Industry
Banks
Return on Equity
10.58
Debt to Equity
0.00
Analyst Rating and Forecast
- By Refinitiv from38 analysts
BUY
Analysts have suggested that investors can buy this stock
Buy
Buy+78.95 %
+78.95 %
Hold
Hold+15.79 %
+15.79 %
Sell
Sell+5.26 %
+5.26 %
Forecast For
Actual

Company News

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neutral
Kotak Bank Block Trade: ₹54.04Cr on BSE1 day ago
A block trade of ~14,00,020 shares of Kotak Bank was executed on BSE at ₹386.00 per share, amounting to ₹54.04 crore.
positive
Kotak Mahindra Bank reported a consolidated net profit of ₹5,480.46 crore for Q1FY27, up from ₹4,472.18 crore in the year-ago period. Total income increased to ₹30,068.60 crore.
neutral
Kotak Mahindra Bank will host a conference call on July 18, 2026, to discuss Q1FY27 results. Dial-in details are available for investors.
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Competitors
LTP
Market Cap (₹ Cr.)
P/E Ratio
Revenue (₹ Cr.)
YoY Revenue Growth %
Net Profit (₹ Cr.)
YoY Profit Growth %
RSI
750.75
#1 11,56,215.77
14.21
#1 4,95,462.80
5.21
#1 79,220
19.26
38.25
1,440.80
10,33,558.58
17.56
3,12,118.40
5.95
57,673
12.59
73.70
1,235.80
3,84,383.19
14.01
1,62,211.90
4.04
26,494
22.15
35.33
380.10
#4 3,78,066.81
#7 18.92
#4 1,11,168.30
#6 3.80
#4 19,181
#5 22.55
49.44
84.63
90,997.58
#1 9.97
35,631.20
4.62
9,237
5.27
58.49
354.20
87,428.07
18.15
29,674.10
-7.36
4,483
37.02
77.62
1,065.45
83,012.70
93.28
46,250.80
-17.93
889
#1 125.51
72.52
23.36
73,317.43
19.28
30,208.40
-18.52
3,512
32.53
43.37
79.80
68,733.54
43.66
40,548.80
-6.74
1,611
11.84
63.07
340.80
32,938.11
11.98
13,158.70
#1 14.35
2,510
44.91
69.59
Growth Rate
Revenue Growth
3.80 %
Net Income Growth
-12.60 %
Cash Flow Change
146.67 %
ROE
-24.05 %
ROCE
-14.90 %
EBITDA Margin (Avg.)
-6.26 %

Quarterly Financial Results

Quarterly Financials
Mar 2015
Jun 2015
Sept 2015
Dec 2015
Mar 2016
Jun 2016
Sept 2016
Dec 2016
Mar 2017
Jun 2017
Sept 2017
Dec 2017
Mar 2018
Jun 2018
Sept 2018
Dec 2018
Mar 2019
Jun 2019
Sept 2019
Dec 2019
Mar 2020
Jun 2020
Sept 2020
Dec 2020
Mar 2021
Jun 2021
Sept 2021
Dec 2021
Mar 2022
Jun 2022
Sept 2022
Dec 2022
Mar 2023
Jun 2023
Sept 2023
Dec 2023
Mar 2024
Jun 2024
Sept 2024
Dec 2024
Mar 2025
Jun 2025
Sept 2025
Dec 2025
Mar 2026
Jun 2026
Revenue
6,172
6,385
6,729
6,950
7,910
7,867
8,415
7,670
9,954
8,605
9,140
10,105
10,874
9,904
10,829
11,347
13,823
12,130
12,543
13,542
12,085
12,323
13,548
14,671
15,725
12,572
15,343
14,169
16,676
11,569
17,435
18,372
20,767
20,724
21,560
24,083
27,907
28,879
26,880
23,946
27,174
26,704
24,901
27,851
28,475
30,069
Expenses
2,912
2,770
2,567
2,674
3,473
3,253
3,674
2,797
5,031
3,580
3,884
4,391
4,860
3,980
4,391
4,571
6,740
4,943
5,426
6,651
5,492
6,260
6,348
8,096
9,429
7,202
8,532
6,840
8,555
4,879
9,313
9,345
10,548
10,303
10,136
12,484
14,920
12,263
13,094
10,596
13,666
13,123
11,606
13,933
13,656
14,857
EBITDA
1,423
836
1,444
1,501
1,587
1,710
1,872
1,955
2,158
2,094
2,269
2,509
2,671
2,425
2,666
2,836
3,108
3,032
3,062
3,001
2,791
2,435
3,915
3,455
3,364
2,519
3,931
4,411
5,218
3,686
4,747
5,224
5,989
5,586
5,888
5,614
6,775
9,811
6,647
6,180
6,351
6,053
5,963
6,533
7,443
7,509
Operating Profit %
17 %
44 %
49 %
48 %
35 %
41 %
34 %
51 %
11 %
40 %
36 %
31 %
28 %
42 %
40 %
41 %
15 %
40 %
36 %
20 %
35 %
26 %
24 %
0 %
-19 %
10 %
-4 %
21 %
3 %
47 %
7 %
15 %
12 %
20 %
26 %
14 %
2 %
23 %
20 %
36 %
19 %
24 %
33 %
20 %
23 %
19 %
Depreciation
60
88
84
85
88
86
92
93
92
94
95
95
100
109
116
116
118
119
118
112
117
0
0
0
0
0
0
0
131
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Interest
1,837
2,778
2,718
2,776
2,851
2,904
2,869
2,919
2,765
2,931
2,988
3,205
3,344
3,499
3,773
3,941
3,975
4,155
4,054
3,890
3,801
3,628
3,286
3,120
2,933
2,851
2,880
2,919
2,904
3,004
3,375
3,802
4,230
4,834
5,536
5,986
6,212
6,805
7,139
7,170
7,157
7,527
7,333
7,384
7,376
7,703
Profit Before Tax
1,363
748
1,360
1,416
1,499
1,624
1,780
1,861
2,066
2,000
2,174
2,414
2,570
2,316
2,550
2,719
2,991
2,913
2,945
2,890
2,675
2,435
3,915
3,455
3,364
2,519
3,931
4,411
5,087
3,686
4,747
5,224
5,989
5,586
5,888
5,614
6,775
9,811
6,647
6,180
6,351
6,053
5,963
6,533
7,443
7,509
Tax
431
214
406
456
424
539
562
577
635
627
707
786
781
741
803
875
952
981
538
541
769
583
968
853
774
713
942
1,008
1,196
931
1,139
1,229
1,422
1,436
1,427
1,349
1,438
2,363
1,603
1,479
1,418
1,581
1,495
1,609
2,020
2,028
Net Profit
932
534
955
961
1,075
1,086
1,219
1,284
1,431
1,374
1,467
1,628
1,789
1,575
1,747
1,844
2,038
1,932
2,407
2,349
1,905
1,853
2,947
2,602
2,589
1,806
2,989
3,403
3,892
2,755
3,608
3,995
4,566
4,150
4,461
4,265
5,337
7,448
5,044
4,701
4,933
4,472
4,468
4,924
5,423
5,481
EPS in ₹
11.82
5.66
5.42
5.16
5.76
5.82
6.55
6.89
7.63
7.20
7.57
6.53
9.39
8.26
9.17
9.67
10.51
10.12
12.61
12.29
9.71
9.57
14.89
13.14
12.87
9.11
15.07
17.16
19.41
13.88
18.17
20.12
22.78
20.89
22.45
21.46
26.66
37.47
25.37
23.64
24.81
22.49
22.47
24.75
5.45
5.51

Balance Sheet

Balance Sheet
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Total Assets
1,48,576
2,40,804
2,76,188
3,37,721
3,95,171
4,43,173
4,78,854
5,46,498
6,20,430
7,67,667
8,79,774
10,03,353
Fixed Assets
1,385
1,761
1,759
2,543
2,698
2,675
2,554
2,723
3,075
3,510
3,759
3,801
Current Assets
12,970
23,976
38,843
38,204
45,525
78,955
66,444
74,144
62,304
86,727
1,05,635
1,42,614
Capital Work in Progress
0
0
0
0
0
0
0
0
0
0
0
0
Investments
45,589
70,274
68,462
90,977
1,03,487
1,11,197
1,56,946
1,64,529
1,95,338
2,46,446
2,84,255
2,90,633
Other Assets
1,01,602
1,68,769
2,05,967
2,44,201
2,88,987
3,29,301
3,19,355
3,79,245
4,22,017
5,17,711
5,91,761
7,08,919
Total Equity & Liabilities
1,48,576
2,40,804
2,76,188
3,37,721
3,95,171
4,43,173
4,78,854
5,46,498
6,20,430
7,67,667
8,79,774
10,03,353
Current Liabilities
21,702
27,311
31,926
37,312
45,505
49,830
66,877
83,415
88,963
1,16,443
1,28,172
1,57,502
Non Current Liabilities
1,26,874
2,13,493
2,44,262
3,00,408
3,49,666
3,93,343
4,11,978
4,63,083
5,31,467
6,51,224
7,51,603
8,45,851
Total Equity
22,492
33,760
38,967
50,488
58,282
67,137
84,839
97,165
1,12,314
1,29,972
1,57,489
1,81,226
Reserve & Surplus
21,767
32,443
37,570
49,533
56,825
65,678
83,346
95,642
1,10,761
1,28,898
1,56,401
1,80,118
Share Capital
386
917
920
953
1,454
1,457
1,491
1,492
1,493
994
994
995

Cash Flow

Cash Flow
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Net Cash Flow
260
4,696
13,989
-1,188
6,864
32,815
-16,363
4,949
-9,740
22,281
13,855
23,029
Investing Activities
-4,467
-2,353
-5,289
-5,475
-3,323
-13,069
-11,172
-11,018
-10,381
-8,919
-25,226
-16,159
Operating Activities
2,302
5,025
13,223
-10,392
1,822
46,619
4,881
8,418
-1,242
15,685
16,916
41,727
Financing Activities
2,426
2,024
6,055
14,679
8,365
-735
-10,072
7,549
1,883
15,515
22,165
-2,538

Share Holding

% Holding
Mar 2021
Jun 2021
Sept 2021
Dec 2021
Mar 2022
Jun 2022
Sept 2022
Dec 2022
Mar 2023
Jun 2023
Sept 2023
Dec 2023
Mar 2024
Jun 2024
Sept 2024
Dec 2024
Mar 2025
Jun 2025
Sept 2025
Dec 2025
Mar 2026
Jun 2026
Promoter
26.02 %
26.00 %
26.00 %
25.99 %
25.98 %
25.97 %
25.96 %
25.95 %
25.95 %
25.94 %
25.93 %
25.91 %
25.90 %
25.89 %
25.89 %
25.89 %
25.88 %
25.88 %
25.88 %
25.87 %
25.87 %
25.87 %
FIIs
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.01 %
0.01 %
0.01 %
0.00 %
40.97 %
0.00 %
37.59 %
33.16 %
33.40 %
32.48 %
32.65 %
32.34 %
29.75 %
29.36 %
26.40 %
25.21 %
DIIs
13.32 %
14.40 %
15.01 %
15.21 %
16.36 %
17.11 %
18.44 %
20.12 %
21.35 %
19.61 %
20.04 %
19.65 %
23.43 %
27.73 %
27.91 %
28.79 %
29.14 %
29.61 %
32.01 %
32.88 %
36.18 %
37.71 %
Government
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
Public / Retail
8.86 %
9.27 %
8.95 %
9.08 %
9.65 %
9.16 %
8.75 %
8.77 %
8.82 %
8.25 %
8.66 %
8.61 %
8.77 %
9.00 %
8.74 %
8.64 %
8.36 %
8.43 %
8.50 %
8.50 %
8.35 %
8.34 %
Others
51.80 %
50.32 %
50.03 %
49.72 %
48.01 %
47.76 %
46.83 %
45.14 %
43.88 %
46.20 %
4.40 %
45.83 %
4.31 %
4.23 %
4.06 %
4.20 %
3.97 %
3.73 %
3.86 %
3.39 %
3.20 %
2.87 %
No of Share Holders
4,23,239
4,92,318
4,75,671
5,30,692
5,79,821
5,64,789
5,54,779
5,43,736
5,82,733
5,60,825
6,35,299
6,34,698
6,81,301
7,82,680
7,39,755
7,46,602
7,05,616
6,90,125
6,91,413
6,79,096
7,81,448
7,84,727

Dividend History

Annual Cash Flows 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Dividend Per Share (₹) 0.6 0.7 0.8 0.00 0.9 1.1 1.5 2 2.5 0.65
Dividend Yield (%) 0.29 0.26 0.31 0.00 0.26 0.32 0.42 0.46 0.71 0.17

Corporate Action

Record Date Corporate Action Information Announcement Day LTP at Annoucement LTP at Record Day
01 Aug 2026 ANNUAL GENERAL MEETING Annual General Meeting
NA
01 Aug 2026 396.75 385.95
12 Aug 2021 DIVIDEND Dividend
0.90 /share
11 Aug 2021 349.72 356.12
12 Aug 2022 DIVIDEND Dividend
1.10 /share
11 Aug 2022 354.87 370.83
04 Aug 2023 DIVIDEND Dividend
1.50 /share
04 Aug 2023 387.61 364.93
19 Jul 2024 DIVIDEND Dividend
2.00 /share
19 Jul 2024 309.45 364.62
03 Aug 2024 ANNUAL GENERAL MEETING Annual General Meeting
NA
03 Aug 2024 370.39 360.69
19 Oct 2024 QUARTERLY RESULT ANNOUNCEMENT Quarterly Result Announcement
NA
19 Oct 2024 361.70 373.96
18 Jan 2025 QUARTERLY RESULT ANNOUNCEMENT Quarterly Result Announcement
NA
18 Jan 2025 354.69 351.73
03 May 2025 QUARTERLY RESULT ANNOUNCEMENT Quarterly Result Announcement
NA
03 May 2025 422.24 437.04
18 Jul 2025 DIVIDEND Dividend
2.50 /share
18 Jul 2025 437.04 434.16
26 Jul 2025 QUARTERLY RESULT ANNOUNCEMENT Quarterly Result Announcement
NA
26 Jul 2025 425.68 424.92
02 Aug 2025 ANNUAL GENERAL MEETING Annual General Meeting
NA
02 Aug 2025 429.96 398.42
25 Oct 2025 QUARTERLY RESULT ANNOUNCEMENT Quarterly Result Announcement
NA
25 Oct 2025 420.18 437.37
21 Nov 2025 SPLIT Split
1:5
14 Jan 2026 419.42 419.42
24 Jan 2026 QUARTERLY RESULT ANNOUNCEMENT Quarterly Result Announcement
NA
24 Jan 2026 426.67 422.20
02 May 2026 QUARTERLY RESULT ANNOUNCEMENT Quarterly Result Announcement
NA
02 May 2026 379.40 382.65
17 Jul 2026 DIVIDEND Dividend
0.65 /share
17 Jul 2026 382.65 377.15
18 Jul 2026 QUARTERLY RESULT ANNOUNCEMENT Quarterly Result Announcement
NA
18 Jul 2026 396.75 389.95

Announcements

Audio Recording Of The Earnings Conference Call On The Consolidated And Standalone Unaudited Financial Results For The Quarter Ended June 30 20263 days ago
Announcement under Regulation 30 (LODR)-Press Release / Media Release (Revised)3 days ago
Announcement under Regulation 30 (LODR)-Press Release / Media Release3 days ago
Announcement under Regulation 30 (LODR)-Investor Presentation4 days ago
Unaudited Financial Results For The Quarter Ended June 30 20264 days ago
Board Meeting Outcome for Outcome Of Board Meeting - Consolidated And Standalone Unaudited Financial Results Of The Bank For The Quarter Ended June 30 20264 days ago
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS7 days ago
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation8 days ago
Announcement under Regulation 30 (LODR)-Newspaper Publication10 days ago
Notice Convening The 41St Annual General MeetingJul 10, 2026
Business Responsibility and Sustainability Reporting (BRSR)Jul 10, 2026
Integrated Annual Report 2025-26 And The Notice Convening The Annual General MeetingJul 10, 2026
Reg. 34 (1) Annual Report.Jul 10, 2026
Communication To Shareholders Regarding Deduction Of Tax At Source On DividendJul 09, 2026
Communication To Shareholders - Furnishing Of PAN And Other KYC Details By Holders Of Physical SecuritiesJul 09, 2026
Announcement under Regulation 30 (LODR)-Newspaper PublicationJul 07, 2026
Record Date For The Purpose Of Payment Of Final Dividend For The Financial Year Ended March 31 2026Jul 06, 2026
Intimation Of Forty-First Annual General Meeting Of Kotak Mahindra Bank LimitedJul 06, 2026
Board Meeting Intimation for Board Meeting Intimation For The Meeting Scheduled To Be Held On July 18 2026Jul 06, 2026
Intimation Under Regulation 30 Of The SEBI (LODR) Regulations 2015Jul 04, 2026
Reg 30 Update - Announcement AttachedJul 02, 2026
Acquisition By The Bank Of Deutsche Bank AGS Retail Banking Private Banking And Wealth Management Business In IndiaJun 30, 2026
UpdateJun 27, 2026
Compliances-Reg. 57 (1) - Certificate of interest payment/Principal in case of NCD Jun 23, 2026
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPSJun 22, 2026
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationJun 19, 2026
Announcement under Regulation 30 (LODR)-Newspaper PublicationJun 18, 2026
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationJun 18, 2026
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationJun 08, 2026
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationJun 04, 2026
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationJun 01, 2026
Acquisition By Way Of Direct Assignment Of Loan Portfolio And Non-Treasury Investments From Kotak Mahindra Investments LimitedMay 30, 2026
Compliances-Reg.24(A)-Annual Secretarial ComplianceMay 28, 2026
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationMay 27, 2026
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationMay 27, 2026
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationMay 26, 2026
Announcement under Regulation 30 (LODR)-Newspaper PublicationMay 26, 2026
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationMay 25, 2026
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationMay 20, 2026
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPSMay 15, 2026
Grant Of Employee Stock OptionsMay 15, 2026
General UpdatesMay 14, 2026
General UpdatesMay 14, 2026
Announcement under Regulation 30 (LODR)-Earnings Call TranscriptMay 08, 2026
Audio Recording Of The Earnings Conference Call On The Consolidated And Standalone Audited Financial Results For The Financial Year Ended March 31 2026May 02, 2026
Announcement under Regulation 30 (LODR)-Investor PresentationMay 02, 2026
Announcement under Regulation 30 (LODR)-Press Release / Media ReleaseMay 02, 2026
Outcome Of Board Meeting - Recommendation Of Dividend By The Board Of DirectorsMay 02, 2026
Outcome Of Board Meeting - Consolidated And Standalone Audited Financial Results Of The Bank For The Financial Year Ended March 31 2026May 02, 2026
Board Meeting Outcome for Outcome Of Board Meeting - Consolidated And Standalone Audited Financial Results Of The Bank For The Financial Year Ended March 31 2026May 02, 2026

Mutual Fund Holdings

Funding HouseCurrent Holding %1M Change1M Change %3M Change %Last 6M Trend
JioBlackRock Flexi Cap Fund Direct-Growth
0.05%
-519721
-0.65%
0.02%
ICICI Prudential Active Momentum Fund Direct-Growth
3.25%
477600
0.87%
3.25%
Mahindra Manulife Banking & Financial Services Fund Direct-Growth
5.76%
317500
2.66%
4.14%
TRUSTMF Multi Cap Fund Direct-Growth
0.00%
-138952
-1.01%
0.00%
Bajaj Finserv Banking And Financial Services Fund Direct-Growth
5.83%
-132625
-1.60%
-1.77%
Quant Arbitrage Fund Direct-Growth
0.00%
-114000
-1.07%
-1.24%
Franklin India Multi-Factor Fund Direct-Growth
1.21%
-106766
-0.76%
0.22%
PGIM India Multi Asset Allocation Fund Direct-Growth
4.10%
72000
0.98%
0.91%
The Wealth Company Multi Asset Allocation Fund Direct-Growth
0.00%
-56190
-1.23%
-1.50%
Motilal Oswal Financial Services Fund Direct-Growth
1.02%
50000
1.02%
1.02%
TRUSTMF Arbitrage Fund Direct-Growth
0.00%
-48000
-2.14%
-3.59%
Groww Arbitrage Fund Direct-Growth
0.00%
-40000
-1.81%
-3.76%
Canara Robeco Multi Asset Allocation Fund Direct-Growth
2.05%
34000
0.12%
0.60%
The Wealth Company Large & Mid Cap Fund Direct-Growth
1.36%
32400
1.36%
1.36%
ICICI Prudential Nifty Private Bank Index Fund Direct-Growth
19.63%
27852
-0.37%
-0.42%
Parag Parikh Large Cap Fund Direct-Growth
2.13%
23369
0.03%
0.06%
Unifi Flexi Cap Fund Direct-Growth
3.14%
-19015
-0.40%
-0.51%
WhiteOak Capital Equity Savings Fund Direct-Growth
3.17%
-15732
1.42%
1.08%
The Wealth Company Arbitrage Fund Direct-Growth
0.00%
-10000
-0.26%
-5.47%
JioBlackRock Arbitrage Fund Direct-Growth
1.75%
-10000
-0.13%
-1.83%
JioBlackRock Nifty 50 Index Fund Direct-Growth
2.64%
8223
0.02%
0.07%
Groww Nifty Private Bank Index Fund Direct-Growth
19.56%
4718
-0.56%
19.56%
JioBlackRock Sector Rotation Fund Direct-Growth
1.60%
3650
0.03%
0.05%
Zerodha Nifty 50 Index Fund Direct-Growth
2.64%
3355
0.02%
0.07%
Invesco India Nifty Bank Index Fund Direct-Growth
9.21%
-2513
-0.54%
9.21%

Technical Indicators

RSI(14)
Neutral
49.44
ATR(14)
Less Volatile
8.88
STOCH(9,6)
Neutral
54.11
STOCH RSI(14)
Neutral
73.85
MACD(12,26)
Bearish
-0.25
ADX(14)
Weak Trend
17.02
UO(9)
Bearish
54.84
ROC(12)
Downtrend And Accelerating
-2.72
WillR(14)
Neutral
-52.05

About Kotak Bank

Kotak Mahindra Bank Limited is an Indian diversified financial services company. It operates through multiple segments including Corporate/Wholesale Banking, Retail Banking, Treasury, Vehicle Financing, Other Lending Activities, Broking, Advisory and Transactional Services, Asset Management, and Insurance. The bank offers a wide range of products and services such as savings accounts,...more
Chairperson NameChandra Shekhar Rajan