Shares of IDBI Bank fell around 7.5% on Thursday after rallying sharply in the previous session, following the announcement that Canada’s Fairfax Financial Holdings would acquire a 60.72% stake in the lender for approximately Rs 53,000 crore (USD 5.5 billion).
The stock declined 7.54% to Rs 83.62 on the BSE, while it dropped 7.48% to Rs 83.62 on the NSE.
Ahead of the announcement on Wednesday, IDBI Bank shares had surged 9%, adding Rs 8,086 crore to the bank’s market capitalisation.