On Saturday, IDBI Bank stock had rallied up to 17% intra day post Budget announcement that the government would sell its residual stake in the lender to retail investors.
Share price of IDBI Bank fell in afternoon trade today as investors booked profit after a massive 17% rally on February 1.
Earlier, during Monday’s trade, shares climbed over 3% to the high of Rs 38.5. Later, shares of the lender became volatile and fell 8% to the day’s low of Rs 34.25.
Volume-wise, 2.58 lakh and 4.6 lakh shares were trading on BSE and NSE counters, respectively. Market depth data on BSE suggested 53% sellers offering as against 47% buyers bidding on the stock.
Currently, IDBI Bank share trades higher than 5, 100 and 200-day moving averages. IDBI Bank share price has moved below its 30 and 50-day simple moving average in today trade.
The lender’s shares rose 1% in one week, 5.24% in one month and 33% in one year.
Government of India currently holds around 46.5% stake in the lender, while 51% stake is held with Life Insurance Corporation (LIC). Of this, the government plans to sell its entire stake to private, retail and institutional investors through stock exchanges.
On announcement of divestment news, the stock price of IDBI Bank closed at Rs 37.30, rising 10.03% apiece per share, on February 1, 2020, Saturday.