With news that the government was considering selling at least 51% of its stake in the lender, IDBI Bank stock increased gains for the second straight day today. The price of IDBI Bank’s stock increased in the afternoon session by 5.81% to Rs 45.5 from its previous closing on the BSE of Rs 43.
On Thursday, the banking stock hit an intraday high of Rs 44.20, rising 10.09 per cent on BSE. In a year, the share has gained 18.34 per cent but fallen 3.34 per cent since the beginning of this year. Total 20.37 lakh shares changed hands amounting to a turnover of Rs 9.12 crore. Market cap of the lender rose to Rs 48,278 crore on.
Shares of IDBI Bank were trading above the moving averages of the past five, twenty, fifty, one hundred, and two hundred days. On June 30, 2022, the stock’s price fell to Rs 30.50, and on October 18, 2021, it reached Rs 65.25, its 52-week high. Together, the government and the state-sponsored Life Insurance Corp. of India own around 94% of IDBI Bank. Government representatives and LIC are reportedly debating how much of their holdings to sell, according to a Bloomberg article.