The Exchange has sought clarification from IDFC First Bank Limited with respect to recent news item captioned Haryana mandates exclusive banking with public sector banks, drops IDFC First and AU Small Finance. The response from the Company is awaited.
IDFCFIRSTB · price
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On the reaction day the stock moved 15.6 pts less than Nifty Midcap 150 and 16.6 pts less than its Private Sector Bank peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The NSE has asked IDFC First Bank to clarify a recent news report stating that the Haryana government has mandated exclusive banking with public sector banks and dropped IDFC First Bank and AU Small Finance from its banking arrangements. The bank has not yet responded to this clarification request. The development could affect the bank's government banking relationships in the state. Investors are awaiting the company's official response for more clarity.
This is a clarification request following a media report, not a regulatory action against the bank. The stock may see some short-term pressure due to negative media coverage, but the actual impact depends on the materiality of government business to IDFC First Bank's overall operations and the company's forthcoming response.