Rekha Jhunjhunwala pares stake in Canara Bank, Mukul Agrawal stays put in J&K Bank in Q3

PSU Banks in focus: Ace Dalal Street investors like Rekha Jhunjhunwala has signalled potential exit from Canara Bank in December 2025 quarter, while another marquee name Mukul Mahavir Agrawal has stayed put in Jammu and Kashmir Bank for the three months ended on December 31, 2025.

According to the latest shareholding pattern for the October-January 2025 period, Rekha Jhunjhunwala's name was missing from the key shareholders list of Canara Bank, signalling her potential exit. However, she held 142,443,000 equity shares, or 1.57 per cent stake, in the PSU lender for the September 2025 quarter, where she increased her stake compared to June 2025 quarter.

All the listed companies have to share their shareholding pattern with the exchanges on a quarterly basis, naming all the entities who own a significant stake (at least one per cent) in them. If an investor's shareholding falls below a per cent, it means their stake has slipped below one per cent threshold. It means that Jhunjhunwala's stake in Canara Bank has slipped below a per cent.

Shares of Canara Bank settled at Rs 154.15 on Monday, falling 0.46 per cent for the day. The PSU lender has jumped 35 per cent in the last six months period, while it is up 8 per cent in the last one month. The stock increased more than 25 per cent in the December 2025 quarter, hitting its 52-week high at Rs 158 on December 31. Canara Bank is yet to share its business update for Q3FY26.

On the other hand, seasoned Dalal Street investor Mukul Mahavir Agrawal has kept his stake in Jammu and Kashmir Bank unchanged compared to the September 2025 quarter. Agrawal continues to own 1,40,00,000 equity shares, or 1.27 per cent stake in the lender as of December 31, 2025.

Shares of Jammu and Kashmir Bank settled at Rs 103.45 on Monday, rising 1.07 per cent for the day. According to the latest closing price, Agrawal's stake in the lender is valued at Rs 144.83 crore. The stock hit its 52-week high at Rs 117.20 on January 1, 2026. It is up nearly 4 per cent in a month, but has remained the largest flat in the December 2025 quarter.

Jammu and Kashmir Bank reported a steady improvement in its business performance for the Q3FY26, with total business rising 13.34 per cent YoY to Rs 2.72 lakh crore. The lender’s total deposits increased 10.58 per cent YoY to Rs 1.55 lakh crore, reflecting continued deposit mobilisation during the quarter. Growth was supported by both retail and institutional deposits.