KARNATAKA BANK takeover Buzz !!!
Karnataka Bank ltd which is one of the leading bank in Karnataka stock got attraction for various investors when its stock rose by around 6% on the other hand Kotak Bank lost 1.49% to close at Rs 712.15. The reason behind that is the rumor which tells tells that Kotak Mahindra bank is willing to buy Karnataka Bank shares.
We don't know whether its true or false but there current stock fluctuations says a lot. However executives of both the bank i.e Karnataka Bank & Kotak Mahindra bank refused of having any kind of discussion on this matter.
On Monday i.e 6th May the stock of Karnataka Bank was almost four times then the two week average with almost 2.1 million shares. We don't know what is the exact matter or weather this information is true or just a rumor but investors should have a look on these shares as they may find more fluctuations in the upcoming days according to our knowledge.
The non-executive chairman at Karnataka Bank C. Ananthakrishnan said that “Such fluctuations in the stock market are normal. This has nothing to do with any acquisition rumours,”
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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