Shares of IDBI Bank and LIC Housing Finance declined after the media reported that the country's biggest institutional investor Life Insurance Corporation of India (LIC) may speed up the process of merging its housing finance arm with IDBI Bank.
LIC Housing Finance (down 7.81%) and IDBI Bank (down 2.54%), declined.IDBI Bank, however, clarified during market hours on Monday that no such proposal was discussed in its board meeting.
LIC holds 51% stake in IDBI Bank and 40.31% in LIC Housing Finance.
Finance Minister Nirmala Sitharaman in her budget speech announced that the government proposes to sell a part of its holding in LIC through IPO.
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