India's IDBI Bank down after govt drops bid process to hire valuer

IDBI Bank

22/11/2023 04:09

** Shares of state-owned lender IDBI Bank  IDBI.NS  down as
much as 4.5% at 59.50 rupees
    ** Indian govt has cancelled bidding process to hire an
asset valuer for sale of its shares in IDBI     
    ** Govt says will invite fresh bids to select a valuer for
its stake in lender
    ** Govt plans to sell its 30.48% stake in IDBI, while Life
Insurance Corp  LIFI.NS  will sell a 30.24% stake
    ** As of last close, IDBI up 14.6% YTD vs a 17% gain Nifty
public sector banks index  .NIFTYPSU  

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))