Kotak Mahindra Bank drags down Indian shares at the open

India's benchmark indexes opened lower on Thursday as financials weighed, dragged down by Kotak Mahindra Bank after the Reserve Bank of India barred the lender from taking on new clients digitally.

The NSE Nifty 50 NIFTY was down 0.38% at 22,316.90 as of 9:15 a.m. IST, while the S&P BSE Sensex SENSEX dropped 0.38% to 73,572.34.

High-weightage financial services CNXFINANCE lost 0.71% while private banks (.NIFPVTBNK) shed 0.89%.

Private lender Kotak Mahindra Bank KOTAKBANK tumbled 9.65% at the open and was the top Nifty 50 loser.

India's central bank barred the private lender from taking on new customers through its online and mobile banking channels, post market hours on Wednesday.