India Announces $5.5 Billion IDBI Bank Stake Sale to Fairfax; Shares Fall 7%
Updated
Summary
The Indian government announced a $5.5 billion stake sale in IDBI Bank to Canada’s Fairfax; the headline reports that the bank’s shares fell 7%.
Why it matters
The government has been divesting stakes in several state-owned companies this year amid deepening fiscal pressures and efforts to sustain economic growth.