India's Karnataka Bank falls on concerns about loss from payments reconciliation

Karnataka Bank

18/02/2025 09:07

** Shares of Karnataka Bank  KBNK.NS  fall as much as 2.9%
to 169 rupees, lowest since June 30, 2023
    ** Stock closed 1.4% lower on Monday
    ** The private lender said on Monday it identified
deficiencies in its reconciliation process for cross-border UPI
transactions
    ** Adds, co could incur an estimated loss of about 185.7
million rupees ($2.14 million) from the reconciliation process
    ** The lender has flagged the matter to the Reserve Bank of
India
    ** Stock eyes fourth straight day of fall; down over 11% so
far this month
     


($1 = 86.9650 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))