Shares of IDBI Bank fell over 7% to Rs 83.87 on Thursday, a day after surging nearly 13% following the Union Cabinet’s approval of Fairfax’s acquisition of a 60.72% stake in the lender. The decline comes amid profit-booking after the stock’s sharp rally on the long-awaited privatisation development.
The stock had climbed to Rs 93.60 on Wednesday, its highest level in nearly two weeks, taking IDBI Bank’s market capitalisation above Rs 1 lakh crore. The rally followed the Cabinet’s approval of the sale of the government’s and LIC’s combined stake to Fairfax Financial Holdings’ subsidiary, M/s 10955230 Canada Inc., for Rs 52,878.08 crore.
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