IDBI Bank shares rise as disinvestment news lifts stock
In short
IDBI Bank shares moved up on Wednesday after disinvestment news. The stock rose more than 8% on strong volumes, but it is still down 13% this year.
The bank had nearly 7 lakh retail shareholders with a 2.17% stake as of June 30. The reporting does not say what the next step in the sale process is.
What the reporting says
IDBI Bank shares reacted to disinvestment news, with the state-run lender gaining over 8% on Wednesday on strong volumes, according to a CNBC TV18 Market summary. The stock is still down 13% year to date, and the source says nearly 7 lakh retail shareholders held a 2.17% stake as of June 30. What happens next in the disinvestment process is not stated in the available reporting.
Why it matters
IDBI Bank shares rose more than 8% on Wednesday after disinvestment news, but the stock remains down 13% year to date. The CNBC TV18 summary says nearly 7 lakh retail shareholders held a 2.17% stake as of June 30. The reporting does not identify the buyer in this snippet or give details on the final structure of the sale, so the next step is unknown.