Oriental Bank of Commerce rose 1.15% to Rs 88.30 at 15:06 IST on BSE after the bank announced its intention to divest its stake in its joint venture at an appropriate time.
The announcement was made after market hours on Thursday, 22 November 2018.Meanwhile, the BSE Sensex was up 353.63 points, or 1.01%, to 35,334.65
On BSE, so far 3.13 lakh shares were traded in the counter, compared with an average volume of 6.58 lakh shares in the past two weeks. The stock hit a high of Rs 89.20 and a low of Rs 86.05 so far during the day.
Oriental Bank of Commerce (OBC) informed that pursuant to the Government of India's PSB Reforms Agenda, the bank intends to divest its stake in its joint venture i.e. Canara HSBC Oriental Bank of Commerce Life Insurance Company at an appropriate time, depending on the market conditions and available options.
OBC is a state-run bank. Government of India holds 77.23% stake in OBC (as on 30 September 2018).
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