Meanwhile, the BSE Sensex was up 15.70 points or 0.08% at 19,321.02.
Heavy volumes accompanied the decline in the counter. On BSE, 35.52 lakh shares were traded in the counter as against average daily volume of 10.62 lakh shares over the past one quarter.
The stock hit a high of Rs 187.85 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 173.40 so far during the day. The stock had hit a 52-week low of Rs 64 on 29 December 2011.
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The stock had outperformed the market over the past one month till 3 December 2012, surging 33.5% compared with the Sensex's 2.93% rise. The scrip had also outperformed the market in past one quarter, jumping 126.09% as against Sensex's 11.05% surge.
The mid-cap private sector bank has equity capital of Rs 188.32 crore. Face value per share is Rs 10.
Shares of Karnataka Bank had rallied 34.62% in eight trading sessions to settle at Rs 183.70 on Monday, 3 December 2012, from a recent low of Rs 136.45 on 20 November 2012. Karnataka Bank on 30 November 2012 denied rumours that it is in merger talks with ICICI Bank and Kotak Mahindra Bank.
Meanwhile, the government will table the Banking Laws (Amendment) Bill, 2011, among other bills, in the winter session of parliament which began Thursday, 22 November 2012. The Banking Laws (Amendment) Bill, 2011 includes increasing the voting rights of large shareholders in private banks to 26% from 10%, and giving the central bank more powers. The Reserve Bank of India has held back approvals of new bank licenses, urging the government to first get the bill passed in parliament.
Karnataka Bank's net profit jumped 185.3% to Rs 117.19 crore on 22.9% growth in total income to Rs 1032.37 crore in Q2 September 2012 over Q2 September 2011.
Karnataka Bank is a private sector banking institution based in the town of Mangalore in Karnataka and has major presence in South India. The bank is engaged in commercial banking and related activities.
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