IDBI Bank in news

IDBI Bank is attracting some attention today; the stock opened flat but soon rose over 5% to Rs.41 and is currently trading in around Rs.40 levels. Its 52-week high is at Rs.65.25.

The stock has been up for the past couple of weeks on rumours floating around for quite some time about the Govt bringing down its stake. Today, the news is that the govt is looking at selling 51% stake and is said to be evaluating this along with LIC as together they hold around 94% stake.

Both plan to retain some stake but the idea is to sell off majority.

This is again unconfirmed news but the market is pretty upbeat about it.