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News18 » Business
1-min read

Budget 2020: IDBI Bank Stock Spikes up 17% as Sitharaman Proposes Govt Stake Sale

The BSE Sensex plummeted 988 points on Saturday to close below the key 40,000-mark, led by an intense broad-based selloff after the Union Budget for 2020-21 failed to live up to market expectations.

News18.com

Updated:February 1, 2020, 5:04 PM IST
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Budget 2020: IDBI Bank Stock Spikes up 17% as Sitharaman Proposes Govt Stake Sale
File photo of IDBI Bank.

New Delhi: IDBI Bank share prices spiked more than 17 per cent after Finance Minister Nirmala Sitharaman in her 2020 Union Budget speech announced that the government will sell its stake in the bank.

The government held a 47.11 per cent stake in IDBI Bank as of December 31, 2019, while Life Insurance Corporation of India held a 51 per cent stake, according to the data available on the BSE.

Recently, Parliament approved Rs 9,300 crore capital infusion in IDBI Bank. The Department of Financial Services (DFS) received an additional Rs 4,557 crore for infusion into IDBI Bank through recapitalisation of bonds for their share of 47.11 percent in the bank.

At 1.30pm, the share price of IDBI Bank was trading 11.06 per cent higher at Rs 37.65 per share on the BSE, while on an intraday basis, the shares climbed 17.55 per cent to Rs 39.85.

The BSE Sensex plummeted 988 points on Saturday to close below the key 40,000-mark, led by an intense broad-based selloff after the Union Budget for 2020-21 failed to live up to market expectations.

Experts said the Budget has been below par, considering investors had extremely high expectations from the government to revive the economy.

Nosediving nearly 1,275 points from the day's high, the 30-share index ended 987.96 points or 2.43 per cent lower at 39,735.53. It hit an intra-day low of 039,631.24 and a high of 40,905.78.

Similarly, the 50-share NSE Nifty plunged 300.25 points or 2.51 per cent to 11,661.85, sinking below the 2019 Budget day level of 11,811.15.

ITC was the top laggard in the Sensex pack, tanking 6.97 per cent, followed by L&T, HDFC, SBI, ONGC, ICICI Bank and IndusInd Bank.

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