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Karnataka Bank rallies on bourses amid stake sale report

Karnataka Bank rallies on bourses amid stake sale report
PTI
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First Published: Tue, Jun 07 2011. 05 18 PM IST
Updated: Tue, Jun 07 2011. 05 18 PM IST
Mumbai: Shares of private sector lender Karnataka Bank surged by 11% during intra-day trade on the bourses on Tuesday amid media reports that it may be acquired by another domestic bank.
Following the buzz, the stock spurted by 11% to touch a month’s high of Rs126.45 on the BSE during intra-day. Later, the scrip trimmed some of its gains and ended 6.19% higher at Rs120.90.
On the NSE, the bank’s counter closed with 6.58% gains at Rs121.40.
In terms of volume, over 1 crore shares of the company changed hands on the bourses during the day.
According to media reports, Axis Bank and Kotak Mahindra Bank are the suitors.
Meanwhile, the report also quoted Karnataka Bank managing director and chief executive officer P. Jayarama Bhat saying, “the market rumours are absolutely false, there is no development on that front”.
The BSE benchmark Sensex settled at 18,495.62, up 75.51 points.
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First Published: Tue, Jun 07 2011. 05 18 PM IST
More Topics: Markets | Stock | Karnataka Bank | Sensex | BSE |