Shares of IDBI Bank tumbled over 15 per cent on Monday, March 16, 2026, amid reports that the government may scrap the strategic sale as the financial bids put in by potential buyers were below the reserve price. The stock opened gap down at Rs 78.05, representing a fall of 15.35 per cent from the previous close of Rs 92.20 on the BSE. The sudden drop also comes amid a spurt in trading volume by more than 2.92 times. Last seen, the stock was trading at Rs 79.20 with a fall of 14.10 per cent, and the market cap of the company stood at Rs 85,159.03 crore. On the National Stock Exchange (NSE), the counter started the trading session at Rs 82.12 against the previous close of Rs 92.18 and later touched the intraday high and low of Rs 82.84 and 78.31, respectively.
IDBI Bank strategic sale
According to sources, the strategic sale of IDBI Bank is likely to have been scrapped as the financial bids put in by potential buyers were below the reserve price.
The government and LIC were together looking to sell 60.72 per cent in IDBI Bank and had floated an Expression of Interest (EoI) in October 2022. Financial bids came in on February 6.
Sources said the financial bids for the IDBI Bank strategic sale have come in lower than the reserve price set by the inter-ministerial group on disinvestment headed by secretaries in the finance ministry.
Govt and LIC's stake in IDBI Bank
Currently, the government and state-owned LIC together hold a 94.71 per cent stake in IDBI Bank. The government owns 45.48 per cent, and LIC holds 49.24 per cent in the lender. Of this, the government and LIC are looking to sell 60. 72 per cent in IDBI Bank.
In October 2022, the government and Life Insurance Corporation of India (LIC) invited an Expression of Interest (EoI) for selling 60.72 per cent stake in IDBI Bank.The Centre and LIC proposed paring 30.
48 and 30.24 per cent stake, respectively.
ALSO READ | FASTag annual pass price hike: NHAI increases fee, users to pay more from April 1 - Full details here
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
