Shares of IOB, Central Bank of India surge on privatisation reports

The value of shares of public sector banks (PSBs) — Indian Overseas Bank (IOB) and Central Bank of India — spiked on Monday following reports suggesting the two financial institutions might be privatised.
 
The stock of Mumbai-based Central Bank closed eight per cent higher at Rs 23 per share on the BSE, while those of Chennai-based IOB closed 12 per cent higher at Rs 21.55 a share.
 
The PSU Bank Index closed marginally higher (0.36 per cent) at 2,500.6 on the NSE, as compared to the last Friday.
 
While the Central Bank declared results for Q4FY21 and