ING Vysya Bank jumped 4.60% to Rs 533.40 at 9:31 IST on BSE on reports ING Groep NV is seeking a buyer for its 43% stake in the bank.
Meanwhile, the BSE Sensex was down 151.06 points, or 0.77%, to 19,576.21.
On BSE, 31,000 shares were traded in the counter compared with average volume of 29,322 shares in the past one quarter.
The stock hit a high of Rs 598.95 and a low of Rs 530 so far during the day. The stock hit a record high of Rs 667 on 5 June 2013. The stock hit a 52-week low of Rs 395 on 27 September 2012.
The stock had outperformed the market over the past one month till 27 September 2013, soaring 16.24% compared with the Sensex's 9.79% rise. The scrip had, however, underperformed the market in past one quarter, falling 14.77% as against Sensex's 4.51% rise.
The mid-cap company has an equity capital of Rs 187.18 crore. Face value per share is Rs 10.
According to the media report, ING Groep NV, the biggest Dutch financial-services company, is said to be seeking a buyer for its 43% stake in ING Vysya Bank, as the prospects of limited purpose banking in India and tough competition in retail market make it rethink its local strategy.
ING may exit the domestic banking business comprising retail, corporate and treasury, to focus on corporate banking, the report said.
Report suggested that although ING Vysya may be an attractive asset for every private sector bank because of its clean books, 575 branches and loyal customers, Kotak Mahindra Bank seems to be best placed to benefit from the acquisition of ING Vysya.
However, the report added that Kotak Mahindra Bank is not negotiating for a takeover.
As on 3 July 2013, ING Groep NV held 43.55% in ING Vysya Bank, through ING Mauritius Holdings and ING Mauritius Investments I. ING Mauritius Holdings held 33.85% stake and ING Mauritius Investments I held 9.69% stake in ING Vysya Bank.
ING Vysya Bank's net profit surged 34.6% to Rs 175.12 crore on 15.7% growth in total income to Rs 1553.08 crore in Q1 June 2013 over Q1 June 2012.
ING Vysya Bank is a private sector bank with retail, private and wholesale banking platforms that serve over two million customers.
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