By Kosaku NariokaIDBI Bank Ltd. shares rose sharply Monday morning following news that the Indian government plans to sell its stake and give up management control of the bank. The shares of IDBI Bank were recently 9.0% higher at 46.55 rupees after rising as much as 11% earlier. IDBI Bank said after market closed Friday that the government planned to divest a 30.5% stake and government-controlled Life Insurance Corp. of India planned to sell a 30.2% stake, or a 60.7% stake in total, in the Indian lender. The government currently has a 45.5% stake and Life Insurance Corp. holds a 49.2% stake. Life Insurance Corp. was down 0.9%.

Source: Wall Street Journal October 10, 2022 06:20 UTC