IDFC First Bank gains after divesting stake in ARCIL

IDFC First Bank was up 2.29% to Rs 53.50 at 09:25 IST on BSE after the bank sold its entire approximately 8.37% stake in the share capital of Asset Reconstruction Company (India).

The announcement was made after market hours on Wednesday, 20 March 2019.

Meanwhile, the S&P BSE Sensex was up 128.58 points or 0.33% at 38,515.33

On the BSE, 2.50 lakh shares were traded on the counter so far as against the average daily volumes of 14.50 lakh shares in the past two weeks. The stock had hit a high of Rs 53.60 and a low of Rs 52.35 so far during the day.

IDFC First Bank, has sold the entire stake of 2.71 equity shares of Rs 10 each comprising approximately 8.37% of the share capital of Asset Reconstruction Company (India) [Arcil] pursuant to Share Purchase Agreement.

On a consolidated basis, IDFC First Bank reported net loss of Rs 1538.01 crore in Q3 December 2018 as compared with net profit of Rs 146.11 crore in Q3 December 2017. Total income rose 57.82% to Rs 3968.40 crore in Q3 December 2018 over Q3 December 2017.

IDFC First Bank is a universal bank, offering financial solutions through its nationwide branches, internet and mobile.

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