Karnataka Bank extends gains for second day after Cupid promoter buys stake

Shares of private lender Karnataka Bank Ltd. are trading with gains of 6% on Monday, November 24, extending their gains from Friday's 8% surge.

According to data available on the NSE, investor Aditya Kumar Halwasiya, who is also the Chairman and Managing Director of Cupid Ltd. picked up stake in the company on Friday. Halwasiya bought 38 lakh shares of Karnataka Bank on Friday, which took the stock higher by 8%.

Halwasiya's name does not feature in the September quarter shareholding pattern of Karnataka Bank.

Karnataka Bank does not have any promoter shareholding. Mutual Funds like Quant Smallcap Fund (3.9%), Bandhan MF (2.56%), have stake in the lender, followed by HDFC Life Insurance (3.59%) and Life Insurance Corporation of India (1.62%).

Close to 4 lakh retail investors, or those with authorized share capital of up to ₹2 lakh, have a 36.19% stake in the company.

This is the second mid-sized lender where Halwasiya has bought stake, after buying some stake in South Indian Bank in October.

2.1 crore shares of Karnataka Bank have already changed hands in the first few minutes of Monday's trading session, which is more than half of Friday's overall volumes of 3.7 crore shares.

Only three analysts have coverage on Karnataka Bank and all three of them have a "buy" rating.

Shares of Karnataka Bank are trading 4% higher on Monday at ₹196.21. The stock is still an underperformer in 2025, having declined 7.5% despite the two-day surge.