IDBI shares zoom 18 % after FM announces sale of balance govt holding in co

Shares of IDBI Bank zoomed 18 per cent on Saturday after Finance Minister Nirmala Sitharaman said the government's balance holding in the company will be sold.

The scrip advanced 17.55 per cent to Rs 39.85 on the BSE.

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On the NSE, it jumped 18 per cent to Rs 39.90.

The Finance Minister on Saturday said a clean, reliable and robust financial sector is required for achieving the ambitious target of USD 5 trillion economy.

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She also said the government's balance holding in IDBI bank will be sold to private retail investors.

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Presenting the Budget for 2020-21, Sitharaman said robust mechanism was in place to monitor health of all commercial banks and asserted that depositors' money was absolutely safe.

She noted that Rs 3.50 lakh crore capital had been infused in public sector banks in past years, while acknowledging that there was a need for greater private capital in banks.