Mumbai, Nov. 24 -- Exchange data showed that Cupid's chairman and managing director Aditya Kumar Halwasia purchased 38 lakh shares on the NSE at Rs 185.87 apiece. The stock reacted instantly, rising 7.88% that day, and has now rallied 15.7% in just two sessions.

Halwasia's name was absent from Karnataka Bank's September quarter shareholding pattern.

The bank has no promoter ownership. Mutual funds such as Quant Smallcap Fund, holding 3.9%, and Bandhan MF with 2.56%, feature among the larger institutional shareholders. Insurance giants are also present, including HDFC Life Insurance at 3.59%, LIC at 1.62% and Bajaj Allianz Life Insurance Company with 1.55%.

The bank also carries a broad retail base. Around 3.98 lakh individual investors...