IDBI Bank gains on plan to sell 1.5% stake in NSE

IDBI Bank rose 1.85% to Rs 63.25 at 9:37 IST on BSE after the bank said that its board approved selling stake in National Stock Exchange of India.

The announcement was made after market hours yesterday, 27 November 2017.

Meanwhile, the S&P BSE Sensex was down 71.05 points, or 0.21% to 33,653.39.

On the BSE, 1.97 lakh shares were traded in the counter so far, compared with average daily volumes of 4.29 lakh shares in the past one quarter. The stock had hit a high of Rs 63.95 and a low of Rs 63.15 so far during the day. The stock hit a 52-week high of Rs 86.50 on 6 February 2017. The stock hit a 52-week low of Rs 50.25 on 14 August 2017.

IDBI Bank said that its board of directors at a meeting held on 27 November 2017, granted in-principle approval to divest 74.15 lakh equity shares (1.5% equity) of National Stock Exchange of India held by IDBI Bank.

IDBI Bank reported net loss of Rs 197.84 crore in Q2 September 2017 as against net profit of Rs 55.52 crore in Q2 September 2016. Total income declined 1.1% to Rs 8297.60 crore in Q2 September 2017 over Q2 September 2016.

Government of India holds 77.785% stake in IDBI Bank (as on 6 October 2017).

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