Shares of IDBI Bank fell sharply by 16.46% to ₹77 on March 16 after reports suggested its strategic disinvestment may be scrapped as bids came below the reserve price.
Shares of IDBI Bank continued to remain under pressure in today’s session. As of 12:07 PM, the stock was trading at ₹75.42, down ₹1.48 or 1.92% from the previous close of ₹76.90.
The stock opened higher at ₹77.70 and touched an intraday high of ₹77.89, but selling pressure dragged it lower into the red. The decline indicates continued weak sentiment following recent uncertainty around the bank’s strategic disinvestment process.
The bank said the disinvestment process is confidential and handled by the Government of India through the Department of Investment and Public Asset Management. It clarified that it has not received any communication regarding cancellation and cannot confirm or deny the reports. It added that the news has no material impact on its operations.
The government and Life Insurance Corporation of India plan to sell a 60.72% stake, with 30.48% from the government and 30.24% from LIC. Currently, they hold 94.71% combined, with the government at 45.48% and LIC at 49.24%.
Bidders reportedly include Fairfax Financial Holdings and Emirates NBD. Financial bids submitted on February 6 were said to be below the reserve price.
The process began in October 2022 with an expression of interest. In January 2023, multiple bids were received and sent for security and regulatory clearances by the Ministry of Home Affairs and the Reserve Bank of India.
In January 2019, LIC acquired a 51% stake in IDBI Bank for ₹21,624 crore. The bank was later reclassified as a private-sector bank and then as an associate company in December 2020 after LIC reduced its stake to 49.24%.
Net profit was nearly flat at ₹1,935 crore versus ₹1,908 crore YoY. Total income declined to ₹8,282 crore from ₹8,565 crore, while interest income fell to ₹7,074 crore from ₹7,816 crore.
Gross NPA improved to 2.57% from 3.57%, while net NPA remained at 0.18%. Capital adequacy rose to 24.63% from 21.98%. Return on assets eased to 1.83% from 1.99%.
The stock decline reflects uncertainty over the disinvestment outcome, with a lack of official confirmation keeping investor sentiment cautious.
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