IDBI Bank Shares Drop on Shelved Stake Sale Reports

Shares of IDBI Bank Limited fell sharply on Monday following reports that the government of India has decided to scrap the current bidding process for a majority stake in the lender. The stock plunged as much as 16.5% during the session, with shares trading at 78.20 rupees, as the submitted offers reportedly failed to meet the state's minimum price expectations. This decline marks the bank's most significant single-day drop in nearly two years.