IDBI Bank shares fall 7% as investors book profit after Fairfax deal gets cabinet nod
IDBI Bank shares plunged as investors booked profits after a nearly 13% rally in the previous session following the Cabinet’s approval of Fairfax’s acquisition of a 60.72% stake in the lender.
The stock had hit Rs 93.60 on Wednesday, lifting its market capitalisation above Rs 1 lakh crore.
The Rs 52,878 crore deal marks a major step in IDBI Bank’s long-awaited privatisation, with Fairfax’s bid of Rs 81 per share exceeding the independent valuers’ average fair value of Rs 75.99.
5News aggregated this summary from the outlet’s public feed. The full article, with all the context, is on economictimes.indiatimes.com — the content belongs to The Economic Times.
