IDBI Bank shares surge over 15% on govt’s budget proposal

By: | Published: February 29, 2016 2:01 PM

IDBI Bank shares surged as much as 16 per cent after the Finance Minister Arun Jaitly said that the government has option to reduce stake in the bank below 50 per cent.

idbi bank, sensex, nifty, budget 2016IDBI Bank shares surged as much as 16 per cent after the Finance Minister Arun Jaitly said that the government has option to reduce stake in the bank below 50 per cent. (PTI)

IDBI Bank shares surged as much as 16 per cent after the Finance Minister Arun Jaitly said that the government has option to reduce stake in the bank below 50 per cent.

At 1.15 pm, IDBI Bank shares were trading 13.93 per cent up at Rs 63.40. The scrip opened at Rs 56.20 and touched a high and low of Rs 64.50 and Rs 56.15, respectively, in trade so far. Sensex was up 58.72 points, or 0.25 per cent, at 23,213.02.

Finance Minister Arun Jaitley in his budget speech said, “The process of transformation of IDBI Bank has already started. Government will take it forward and also consider the option of reducing its stake to below 50 per cent.”

For the quarter ended December 2015, IDBI Bank posted net loss of Rs 2183.68 crore against net profit of Rs 102.79 crore in the corresponding quarter a year ago.

In the past one year, the share price of IDBI Bank skid 24.87 per cent to Rs 56.20 on Feb 25, 2016. Sensex fell 20.79 during the same period.

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