Shares of IDBI Bank zoomed 18 per cent on Saturday after Finance Minister Nirmala Sitharaman said the government’s balance holding in the company will be sold.
The scrip advanced 17.55 per cent to Rs 39.85 on the BSE. On the NSE, it jumped 18 per cent to Rs 39.90. At 2.40 pm, the stock was quoted at Rs 37.20, up by 10% on the BSE.
In the Budget speech, the Finance Minister said the government’s balance holding in IDBI bank will be sold to private retail investors.
Presenting the Budget for 2020-21, Sitharaman said robust mechanism was in place to monitor health of all commercial banks and asserted that depositors’ money was absolutely safe. She noted that Rs 3.50 lakh crore capital had been infused in public sector banks in past years, while acknowledging that there was a need for greater private capital in banks.