IDBI Bank declines as Kingfisher Airlines loan under CBI scanner

The stock dipped 5% to Rs 79 on reports that the CBI began probing loans by IDBI Bank to Kingfisher Airlines that went bad.

IDBI Bank has dipped 5% to Rs 79.35 on National Stock Exchange (NSE) on media reports that the Central Bureau of Investigation (CBI) began probing loans by state-owned bank to Kingfisher Airlines that went bad.

CBI will investigate IDBI Bank’s Rs 950-crore loan to Kingfisher Airlines, despite the airline’s negative net worth and credit rating at the time it was sanctioned, the Business Standard report suggests.

The stock opened at Rs 79.50 and touched a low of Rs 78.55 on NSE. A combined 1.14 million shares changed hands on the counter so far on NSE and BSE.

Kingfisher Airlines too down 3.45% at Rs 2.80 on NSE.