IDFC First Bank falls after report Cloverdell Investment to exit at discount

IDFC First Bank

28/03/2024 04:31

** Shares of India's IDFC First Bank  IDFB.NS  fall as much
as 3.5%, hitting their lowest level since June 2023
    ** Cloverdell Investment likely to sell its entire 2.25%
stake in IDFB, local media reported 
    ** Floor price for sale is set at 75 rupees per share
implying a 4% discount on co's Wednesday close, report said     
    ** More than 41 mln shares traded in block deals in price
range of 75.15 rupees and 76.3 rupees per share on Thursday- 
LSEG data
    ** Trading Vols of IDFB at ~95 mln shares, most active
session of 2024      
    ** IDFB down ~15% YTD vs ~2.5% drop in NIFTY Bank
Index .NSEBANK  

 (Reporitng by Nishit Navin)
 ((nishit.navin@thomsonreuters.com;))