InvestorQ : Why did IDBI Bank rally so sharply on Friday, 16 October?
Deepa Salunkhe made post

Why did IDBI Bank rally so sharply on Friday, 16 October?

Answer
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Arya Nanda answered.
4 days ago


IDBI Bank was up 18% on 16 October on the back of an 8-fold jump in trading volumes. The bank has received in-principle approval for divestment and cabinet approval is expected soon. This divestment will be part of the new public sector enterprises policy.

The government of India owns 47.11% while LIC owns 51% and has infused over Rs.21,000 crore into the bank. It remains to be seen if there will be genuine investors in the stock considering that its NPAs are at around 25% levels.