Shares of five public sector banks rose by 0.98% to 2.44% at 15:20 IST on BSE after the Lok Sabha passed the Insolvency and Bankruptcy Code, 2016 yesterday, 5 May 2016.
The news of the passage of the bill in the Lok Sabha hit the market after trading hours yesterday, 5 May 2016.
Meanwhile, the S&P BSE Sensex was down 27.69 points or 0.11% at 25,234.98.
Corporation Bank (up 2.44%), Bank of Baroda (up 1.24%), State Bank of India (SBI) (up 2.16%), Union Bank of India (up 0.98%), and Bank of India (up 1.11%) edged higher. Punjab National Bank (down 0.92%) and Canara Bank (down 0.34%) declined.
Once the bill becomes a law, it will help creditors recover bad debt faster. The bankruptcy bill aims to provide single unified law for timely resolution of insolvency and bankruptcy related cases in India. The bill will now go to the Rajya Sabha for its passage.
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