Karnataka Bank witnesses 2% drop in share price

Karnataka Bank faced a nearly 2 percent decline in share price during the opening trade on January 17, subsequent to banking stocks witnessing a heavy sell-off after the Q3 results of HDFC Bank Ltd disappointed investors.

Shares of HDFC Bank closed 8.16 per cent down at Rs 1,542.15. The Nifty Bank index settled 2,060.65 points lower at 46,064, registering its biggest single-day fall since March 2022. Other banking majors including Kotak Mahindra Bank and Axis Bank tumbled 3.76 per cent and 3.43 per cent, respectively. Following the selling in financial majors coupled with weak global cues, the benchmark NSE Nifty index retreated over 2 per cent.

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As of 10:13 am, Karnataka Bank was quoted at ₹265.95, marking a 2.33% decrease.

Also: The partnership between Karnataka Bank and Clix Capital involves a strategic digital co-lending initiative facilitated through the Yubi Co.lend Platform. The collaborative effort aims to cater to the Indian MSME sector, recognized as a significant contributor to India’s GDP and employment growth, according to the joint statement by the entities.