October 7, 2016 / 6:11 AM / 10 months ago

BUZZ-India's IDBI Bank gains on report of govt stake sale plan

1 Min Read

** IDBI Bank rises as much as 5.4 pct to post its biggest intraday pct gain since Sept 9

** Govt plans to reduce its stake in the state-owned lender to 52 pct, the Economic Times reports, quoting a senior govt official (bit.ly/2e7HC83)

** IDBI Bank could not be immediately reached for a comment

** Indian govt currently owns 73.98 pct in IDBI Bank - Thomson Reuters data

** Whenever a large private equity player comes in, accountability improves, says Alpesh Mehta, an analyst at Motilal Oswal, which has a "Neutral" rating on the stock

** Stock has fallen about 22 pct this year as of Thursday's close, compared with a 11.4 pct rise in the Nifty PSU Bank Index

RM: aastha.agnihotri.thomsonreuters.com@reuters.net

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