IDBI Bank shares surge over 5% post Budget

Shares of IDBI Bank rose by over 5 per cent today after the government said it may consider bringing down its stake in the lender to below 50 per cent.
The stock jumped 5.03 per cent to end at Rs 58.45 on BSE. During the day, it climbed 15.9 per cent to Rs 64.50.
At NSE, shares of the company rose by 5.3 per cent to settle at Rs 58.55.
On the volume front, 65.20 lakh shares of the company changed hands at BSE and over 3 crore shares were traded at NSE during the day.
Government will unveil a roadmap for consolidation of public sector banks (PSBs) which are expected to get an infusion of Rs 25,000 crore next fiscal, Finance Minister Arun Jaitley said today.

Besides, the government may consider bringing down its stake in state-owed IDBI Bank to below 50 per cent, he said while presenting Budget 2016-17 in the Lok Sabha.
He also added that 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," he said.