The Exchange has sought clarification from IDBI Bank Limited with respect to recent news item captioned IDBI Bank stock crashes over 13% after reports govt may scrap majority stake sale due to low price bids. The response from the Company is attached.
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IDBI Bank responded to an NSE query about a news report claiming the stock crashed 13% on reports the government may scrap the majority stake sale due to low price bids. The bank stated that the strategic disinvestment process is confidential and handled entirely by DIPAM (Government of India), and it has no role in negotiations. It confirmed it has not received any communication from the government about scrapping the sale. The bank also listed key milestones: in-principle approval in May 2021, appointment of KPMG India and Link Legal as advisors in October 2022, and SEBI approvals for reclassifying GOI and LIC as public shareholders in January 2023 and August 2025 respectively. The proposed sale involves GOI selling 30.48% and LIC selling 30.24%, totalling 60.72% of the bank.
The bank maintains the news report has no material impact and the disinvestment process remains ongoing. However, the 13% stock crash highlights significant market sensitivity to the outcome of this stake sale, and any further updates from the government could cause sharp price moves.