Here's why IDFC, IDFC First Bank shares jumped up to 5% on Wednesday

The Bank's profitability is expected to improve over the medium term as the bank establishes its retail franchise and the economies of scale help improve operational efficiency

Shares of IDFC Group companies, IDFC and IDFC First Bank, gained up to 5 per cent each on the BSE in Wednesday's intra-day trade.

Of these, IDFC hit a 52-week high of Rs 76.35 as it rallied 5 per cent on the BSE. In the past three months, stock of the holding company has surged 45 per cent after the Competition Commission of India (CCI) approved the divestment of IDFC Asset Management Company (IDFC AMC) on August 1, 2022.

In April this year, a consortium of Bandhan Bank's parent, Bandhan Financial Holdings (BFHL), private equity firm ChrysCapital, and