South Indian Bank gains as foreign stock purchase curbs removed

Reuters Market Eye - Shares in South Indian Bank gain 3.8 percent after RBI on Wednesday withdrew restrictions placed on the purchase of its shares by foreign investors.

The RBI places restrictions on overseas purchase of a stock once the foreign ownership limit is reached and will remove those restrictions when the shareholding falls below the prescribed limit.

RBI did not mention how much the foreign ownership limit for South Indian Bank was.

(Reporting by Abhishek Vishnoi)