IDBI Bank defies weak market, gains 9%
In Short
Intraday, it zoomed 12.90 per cent to Rs 93.62. On the NSE, the stock soared 8.98 per cent to end at Rs 90.39.
Share :
IDBI Bank defies weak market, gains 9%
New Delhi: Shares of IDBI Bank surged 9 per cent on Wednesday, adding Rs 8,086 crore to its market valuation, defying a largely bearish trend in the equity market. In an announcement post market hours, the Cabinet on Wednesday approved the sale of a 60.72 per cent stake in IDBI Bank to Fairfax Financial Holdings for Rs 52,878 crore, in the country's biggest strategic disinvestment since the sale of Air India and potentially opening a new chapter in the privatisation of state-controlled banks. The stock jumped 9.07 per cent to settle at Rs 90.44 on the BSE.
Intraday, it zoomed 12.90 per cent to Rs 93.62. On the NSE, the stock soared 8.98 per cent to end at Rs 90.39. The company's market valuation jumped Rs 8,085.82 crore to Rs 97,244.73 crore. The decision by the Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Narendra Modi, brings to a close a process that stretched over five years, marking a significant step in the government's efforts to reduce its ownership of state-run assets and attract private capital into the financial sector.
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