Kotak Institutional withdraws mid-cap portfolio recommendations citing ‘irrational exuberance’
Leading Indian brokerage firm Kotak Institutional Equities has sounded the alarm on the recent rally in mid- and small-cap stocks, warning clients that the sharp increase reflects “irrational exuberance” among investors rather than fundamentals. As a result, Kotak has dropped its recommended mid-cap portfolio, saying it could not justify recommending stocks trading significantly above fair […]