Shares of Karnataka Bank ltd rallied on the take over buzz by private sector major Kotak Mahindra bank, Latest stock price

Shares of Karnataka Bank ltd rallied on the take over buzz by private sector major Kotak Mahindra bank, Latest stock price



Shares of Karnataka bank rose by more then 7% on Monday, May 6th on the Buzz of takeover. There is a rumor that Kotak Mahindra bank is willing to buy Karnataka Bank, but Executives of both the bank have denied this.

“Such fluctuations in the stock market are normal. This has nothing to do with any acquisition rumours,” said C. Ananthakrishnan, non-executive chairman at Karnataka Bank. A Kotak Bank spokesman also denied the talk.

Traded volumes of Karnataka bank stock on Monday were almost four times then the two week average with almost 2.1 million shares changing hnads.

In October 2012 there was a buzz that ICICI bank had submitted a formal proposal to RBI to acquire Karnataka bank.

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