IDBI Bank dips into red

IDBI Bank is not looking good today. The dip into the red comes on news that the Indian Govt has cancelled the bidding process to hire an asset valuer for its planned IDBI Bank share sale.

With the Govt and LIC holding 95% stake in DBI Bank, the idea was to offload 30.48% stake by the Govt and 30.24% stake by LIC.

Without citing any reason for the cancellation, the Govt said that it will now invite fresh bids to select a valuer for its stake in the lender.

The stock is in the red with this development; opening 3.5% lower at Rs.60.11 and going down further to an intraday low at Rs.59.70, fall of 6.5%. Its 52-week low is at Rs.42.88.