IDBI Bank hits 52-week high, rallies 24% in 4 days on rating upgrade

The bank in an exchange filing said ICRA has upgraded its existing rating to ICRA A+ from ICRA A for Infrastructure bonds, Flexi Bond, Senior & Lower Tier II bonds and Subordinate debt

Shares of IDBI Bank rallied for the fourth straight session to hit a fresh 52-week high of Rs 48.75 on the BSE. With a rise of 8.5 per cent in the intra-day session on Thursday, the stock has gained nearly 24 per cent in the last four days following a revision in ratings by ICRA. The company on September 27 informed exchanges that the rating agency has upgraded the bank's existing ratings while keeping the outlook stable.

At 10.50 am, the stock was up 5.5 per cent at Rs 47.40 on the BSE as against a fall of 0.03