IDBI Bank shares surge on bad loan recovery, privatization buzz

Mumbai: Share price of IDBI Bank surged by around 7 per cent on Friday after the company's top executive expressed hope that the lender may recover around one-fourth of nearly Rs 78,000 crore of bad loans and the government is likely to speed up privatisation process.
Trading in IDBI Bank shares started in the positive at Rs 43.85 on the BSE against its previous day's close at Rs 43. The scrip witnessed strong buying support in the afternoon session rising to a high of Rs 46.35. At 1.46 pm on the BSE, share of IDBI Bank Limited was trading at Rs 45.85, which is 6.63 per cent higher than its previous day's close.
IDBI Bank shares surged after its chief executive officer Rakesh Sharma claimed that the bank might recover around one-fourth of Rs 78,000 crore in bad loans.
The bank share has also surged on reports that the government and Life Insurance Corporation of India, which together control nearly 94 per cent stake in IDBI Bank, might find a buyer to sell their stake.
IDBI Bank's share has risen sharply in the recent days. The bank's 52-week low price stands at Rs 15.98 per equity share. (ANI)