ICICI Bank clarifies on Karnataka Bank stake holding rumors
A spokesperson of ICICI Bank said, “Some erroneous media reports have appeared that ICICI Bank has acquired 1.09% stake in Karnataka Bank. We would like to clarify that almost all of these shares are held by the bank on behalf of its equity broker clients as a security for our exchange clearing and settlement business.”
ICICI Bank on Wednesday denied the media reports which suggested that the bank has purchased over 1% stake in Karnataka Bank.
A spokesperson of ICICI Bank said, “Some erroneous media reports have appeared that ICICI Bank has acquired 1.09% stake in Karnataka Bank. We would like to clarify that almost all of these shares are held by the bank on behalf of its equity broker clients as a security for our exchange clearing and settlement business.”
Shares of both ICICI Bank and Karnataka Bank tumbled on BSE.
Stock price of ICICI Bank tanked by nearly 2% trading at Rs 278. 50 a piece.
While Karnataka Bank shares tumbled by nearly 5% trading at Rs 152.50 a piece.
On Tuesday, news about stake purchase boosted shares of Karnataka Bank so much so that it soared over 9% touching a 52-week high of Rs 161.70 a piece. It's market valuation too shooted up by Rs 371.91 crore to Rs 4507.91 crore.
Karnataka Bank released it's latest shareholding patterns on BSE on April 10, 2016.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
12:30 PM IST
SBI, ITC, 4 other blue-chip firms' mcap up by Rs 1,07,366 crore in a week
SBI 3-Year FD vs HDFC 3-Year FD vs ICICI Bank 3-Year FD: Which FD will offer the highest return on an investment of Rs 3 lakh?
Sensex, Nifty climb 1% as financials and energy stocks lead; all sectoral indices in green
ICICI Bank rallies over 3% post strong Q2 show: Should you buy, sell or hold?
ICICI Bank Q2 Preview: Growth likely subdued by weak interest income and loan performance