IDBI Bank Shares Continue Upward Journey; Gain Over 5%

Mumbai: Continuing its rally for a second straight session, shares of IDBI Bank today rose by over 5 per cent after the government said it may consider bringing down its stake in the lender to below 50 per cent. 

The stock jumped 5.38 per cent to Rs 61.60 on BSE. At NSE, it surged 5.29 per cent to Rs 61.65. In the previous session the stock had rallied by over 5 per cent. 

The government will unveil a roadmap for consolidation of public sector banks (PSBs) which are expected to get an infusion of Rs 25,000 crore next fiscal, Finance Minister Arun Jaitley said yesterday. 

Besides, the government may consider bringing down stake in state-owed IDBI Bank to below 50 per cent, he had said while presenting Budget 2016-17 in Lok Sabha. 

He also added the process of transformation of IDBI Bank has already started. 

"Government will take it forward and also consider the option of reducing its stake to below 50 per cent," he said.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)