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IDBI Bank shares rebound after Nirmala Sitharaman says disinvestment will continue, stock jumps over 6% from lows as broader market and Nifty IT index fall.
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Shares of IDBI Bank recovered sharply from intraday lows on Friday (April 24) after Union Finance Minister Nirmala Sitharaman said the government will continue with the bank’s disinvestment process despite a temporary pause.
The stock rose as much as over 6% from the day’s low of ₹72.37 to touch an intraday high of ₹79.98 on the BSE. It was last trading at ₹75.71, up ₹2.02 or 2.74%, compared with the previous close of ₹73.69.
The stock opened at ₹73.70.
Sitharaman, speaking at an event in Maharashtra, said the stake sale process in IDBI Bank will continue, signalling policy continuity after a brief pause in the disinvestment programme.
The recovery in the stock came even as broader markets remained under pressure. The Nifty 50 slipped below the 23,900 mark, falling nearly 300 points during the session, while the Nifty IT index extended losses to emerge as the top sectoral loser, declining around 5%.
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