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IDBI to halve NSE stake

IDBI Bank has decided to halve its stake in the National Stock Exchange to help it raise capital. The bank currently holds nearly 5%, or 2.2 million shares, in NSE. It plans to complete the sell off by March. In the first nine months of financial year 2015-16, the bank had suffered a loss of Rs 1929 crore, as against net profit of Rs 327 crore in the same period a year ago. In the quarter ending December 2015, the bank had reported a loss of Rs 2183 crore mainly on account of a four-fold increase in provisioning for bad loans.

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