IDBI Bank surges 18% on government stake sale plan report

In January 2019, Life Insurance Corporation (LIC) completed the acquisition of a 51 per cent controlling stake in the lender.

Shares of IDBI Bank moved higher by 18 per cent to Rs 39.65 on the BSE in the intra-day trade on Friday on the back of heavy volumes.

At 03:00 pm, the stock was trading 16 per cent higher at Rs 39, as compared to a 0.67 per cent rise in the S&P BSE Sensex. The trading volumes on the counter jumped over eight-fold. A combined 10.35 million equity shares, representing 5 per cent of free-float equity of the bank, changed hands on the NSE and BSE.

According to a CNBC-TV18 report, the inter-ministerial feedback has been received