IDBI Bank shares crash by 16% after govt scraps stake sale bid

Shares of IDBI Bank plunged by 16% in intraday trading on Monday to touch ₹77, as per BSE. This comes after the Centre reportedly scrapped the bank's strategic disinvestment as shortlisted investors' financial bids failed to meet the government's set reserve price. The planned divestment involved selling a 60.72% stake held by the Centre and LIC, valued at ₹72,000 crore.