IDBI Bank share rises 18 per cent amid reports over government lowering its stake in bank

The stock of IDBI Bank on Friday jumped more than 18 per cent and made an intraday high of Rs 2,300.

It is being reported that the government is planning to lower its stake in IDBI Bank. As a matter of fact, the government currently owns a 47.11 per cent stake in the bank. This stake was taken by the government last year through an investment of Rs 21,624 crore into the bank by Life Insurance Corporation.

Another important factor that led to a rise in IDBI Bank share is the announcement of launching bank services on WhatsApp, including attractive services such as interest rates, cheque book requests, and balance on the account along with the last five transactions.

The stock of IDBI Bank has recovered by 122.75 per cent from its sharp decline in April 2020. It has given returns of 73.05 per cent during the last six months. According to BSE data, the stock traded at a price-to-book ratio of 1.03.

The stock has a 52-week high and a 52-week low of Rs 55.75 and Rs 17.50, respectively.

On Friday, the share price of the company closed at Rs 38.85, up by 15.63 per cent on BSE.