Stocks

IDBI Bank shares surge 10 per cent after FM announces sale of balance govt holding

PTI New Delhi | Updated on February 01, 2020 Published on February 01, 2020

IDBI Bank   -  The Hindu

Shares of IDBI Bank zoomed 18 per cent on Saturday after Finance Minister Nirmala Sitharaman said the government’s balance holding in the company will be sold.

The scrip advanced 17.55 per cent to Rs 39.85 on the BSE.

On the NSE, it jumped 18 per cent to Rs 39.90.

At 2.40 pm, the stock was quoted at Rs 37.20, up by 10% on the BSE.

The Finance Minister on Saturday said a clean, reliable and robust financial sector is required for achieving the ambitious target of USD 5 trillion economy.

She also said the government’s balance holding in IDBI bank will be sold to private retail investors.

Presenting the Budget for 2020-21, Sitharaman said robust mechanism was in place to monitor health of all commercial banks and asserted that depositors’ money was absolutely safe.

She noted that Rs 3.50 lakh crore capital had been infused in public sector banks in past years, while acknowledging that there was a need for greater private capital in banks.

Published on February 01, 2020
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.