IDBI Bank shares fall after govt approves 60% stake sale worth ₹52,878 cr

IDBI Bank shares fell around 7% on Thursday after the Union Cabinet approved a 60.72% stake sale worth ₹52,878 crore to Canada-based Fairfax Financial Holdings. The sale price of ₹81 per share included a discount of around 11% to the stocks' previous closing price. The sale comprised of a 30.48% stake held by central government and 30.24% held by LIC.