Karnataka Bank shares soar 9% as ICICI Bank picks up stake
New Delhi: Shares of Karnataka Bank surged 9% on Tuesday after it disclosed that ICICI Bank has picked up a little over 1% stake in the company.
The stock soared 9% to end at Rs159.30 on BSE. During the day, it zoomed 10.63% to Rs161.70—its 52-week high.
At NSE, shares of the company rose sharply by 9% to close at Rs159.35.
The company’s market valuation too went up by Rs371.91 crore to Rs4,501.91 crore. On the volume front, 25.21 lakh shares of the company were traded on BSE and over two crore shares changed hands on NSE during the day.
As per the latest shareholding disclosure on BSE, ICICI Bank has picked up 1.09% stake in the company.
The shareholding pattern for the period ended 31 March was disclosed post market hours yesterday.
The bank has often been target of takeover speculations which it has always denied.