IDBI Bank Shares Surge Up to 8% on Confirmation of Continued Divestment Plan

IDBI Bank Shares Surge 8% on Divestment Plans

Shares of IDBI Bank reached a one-month high of Rs 79.90 apiece on April 24, increasing by as much as 8% in response to the government's plan to divest its stake in the bank. The development came after Finance Minister Nirmala Sitharaman announced that the government will proceed with the stake sale.

According to the Finance Minister, the cause of the delay in the stake sale had been publicly announced earlier. The government aims to sell its 30.48% stake and Life Insurance Corporation of India's 30.24% stake in the bank. As a result of this announcement, the shares of IDBI Bank were trading 2.6% higher at Rs 75.65 apiece at 1:11 pm.

The trading volume of IDBI Bank shares was significantly higher than the previous day, with nearly 36 million shares changing hands on the bourse. This is 14 times higher than the number of shares traded on April 23, indicating increased investor interest in the company following the announcement.

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| Comparison of Trading Volume | | --- | --- | | April 23 | 2.6 million shares | | April 24 | 36 million shares | | Increase | 13.85 times |

The increased trading activity and surge in share price reflect the market's positive response to the government's plan to divest its stake in IDBI Bank.