Karnataka Bank drops after announcing details of rights issue

Karnataka Bank lost 3.91% to Rs 143.75 at 14:49 IST on BSE after the private sector bank priced a right issue of equity shares at Rs 70 per share.

Meanwhile, the S&P BSE Sensex was up 279.97 points or 1.01% at 27,994.34

On BSE, so far 7.29 lakh shares were traded in the counter as against average daily volume of 3.13 lakh shares in the past one quarter. The stock hit a high of Rs 154.30 and a low of Rs 141.85 so far during the day. The stock had hit a 52-week high of Rs 158.80 on 15 July 2016. The stock had hit a 52-week low of Rs 84.85 on 29 February 2016. The stock had outperformed the market over the past one month till 4 August 2016, rising 1.84% compared with 1.6% rise in the Sensex. The scrip also outperformed the market in past one quarter, surging 39.84% as against Sensex's 10.41% rise.

The small-cap private sector bank has equity capital of Rs 188.46 crore. Face value per share is Rs 10.

The rights issue will be in the ratio of one share for every two shares held. The bank made the announcement of the details of the rights issue during market hours.

Karnataka Bank's net profit rose 11.2% to Rs 121.54 crore on 6.4% growth in total income to Rs 1434.96 crore in Q1 June 2016 over Q1 June 2015.

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