IDBI Bank gains after selling 2% stake in NSE to LIC

IDBI Bank rose 2.45% to Rs 71.20 at 12:02 IST on BSE after the state-run bank announced selling 9 lakh shares or 2% stake in National Stock Exchange of India to Life Insurance Corporation of India.

The announcement was made after market hours yesterday, 31 March 2016.

Meanwhile, the BSE Sensex was down 65.47 points, or 0.26%, to 25,276.39

On BSE, so far 4.16 lakh shares were traded in the counter, compared with an average volume of 11.93 lakh shares in the past two weeks. The stock hit a high of Rs 71.50 and a low of Rs 70 so far during the day. The stock had outperformed the market over the past one month till 31 March 2016, advancing 18.91% compared with Sensex's 10.17% rise. The scrip, however, underperformed the market in past one quarter, declining 21.82% as against Sensex's 2.97% fall.

The large-cap bank has an equity capital of Rs 1900.05 crore. Face value per share is Rs 10.

The Government of India held 80.16% stake in IDBI Bank (as per the shareholding pattern as on 31 December 2015).

IDBI Bank reported net loss of Rs 2183.68 crore in Q3 December 2015 as against net profit of Rs 102.79 crore in Q3 December 2014. Total income fell 7.2% to Rs 7361.86 crore in Q3 December 2015 over Q3 December 2014.

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