India’s IDBI set for worst day in 2 years on reports stake-sale bids scrapped
BENGALURU, Mar 16 (Reuters) – Shares of IDBI Bank (IDBI.NS), slumped as much as 16.5% on Monday after reports that the Indian government would shelve bids for a majority stake in the lender, as the offers were below the minimum price expectation. The shares were trading 15.2% lower at 78.20 rupees as of 12:57 a.m. IST, set for their biggest single-day drop since June 2024. The government has been trying to sell a stake in IDBI Bank for the last four years as part of a broader push to privatise state-run firms. The planned sale included a 30.48% stake held