IDBI Bank shares fall 7% as investors book profit after Fairfax deal gets cabinet nod

IDBI Bank shares fell 7% as investors booked profits following the Cabinet’s approval of Fairfax’s acquisition of a 60.72% stake in the lender.

The stock had rallied nearly 13% in the previous session, lifting its market capitalisation above Rs 1 lakh crore.

The Rs 52,878 crore deal marks a major step in IDBI Bank’s long-awaited privatisation, with Fairfax’s bid of Rs 51 per share valuing the lender at Rs 87,000 crore.