IOB, Central Bank of India shares rise 13% on reports of privatisation

Shares of Indian Overseas Bank (IOB) and Central Bank of India (CBI) rose on Wednesday as reports said the government is planning to privatise them. The government is set to bring amendments during Parliament's winter session to enable privatisation of two state-owned banks. IOB's shares rose 13% to ₹22.45 during intraday trade, while CBI's stock also surged nearly 13%.