IDFC First Bank hits new low as MD & CEO Vaidyanathan sells 27 mn shares

At 10:08 am, the stock had erased its entire early morning losses and was trading 1 per cent higher

Shares of IDFC First Bank tanked 10 per cent and hit a new low of Rs 18.60 on the BSE on Friday after the bank's Managing Director and Chief Executive Officer (MD & CEO), V Vaidyanathan, sold 27.56 million shares for approximately Rs 58 crore to close ESOP loan availed by him.

The bank said that Vaidyanathan intends to sell another about Rs 35 crore worth of stocks today (March 20, 2020) to entirely repay the residual ESOP (employee stock ownership plan) Loan taken for exercising his ESOP shares to release his pledged shares. He holds 42.35 million shares,