IDBI Bank shares crash 19% in two days as government considers halting divestment. Nearly Rs 18,900 crore wiped from market value after reports emerged that financial bids fell short of the government's floor price. The stock has declined sharply and is approaching its 52-week low of Rs 72 per share, with market capitalisation dropping from Rs 99,116 crore to Rs 80,224 crore. The strategic sale process, initiated in May 2021, involves offloading over 30% stakes each by the government and Life Insurance Corporation. Bidders reportedly included Prem Watsa's Fairfax Financial and Emirates NBD. If the Centre cancels the divestment and restarts bidding, it could complicate efforts to meet the FY27 disinvestment target of Rs 80,000 crore. The proposed 30.48% stake sale could have fetched around Rs 30,215 crore based on Friday's closing price.
Post from MarketNews_en
Log in to interact with content.