Government's IDBI Bank stake sale hits snag amid volatile prices
Business
The government's plan to sell its stake in IDBI Bank hit a snag after recent bids didn't meet the minimum price they were hoping for.
With IDBI's share price bouncing all over the place, sometimes as low as ₹60, sometimes shooting up to ₹118; it's been tough to set a fair selling price.
Now, officials are back at the drawing board, looking at new ways to move forward.
Government may reopen IDBI bidding
Because market prices have dropped below what bidders offered, the government is thinking about reopening the bidding so buyers can put in new offers.
They're currently reviewing all technical and financial details from earlier bids and expect to make a decision in about two weeks.
For now, it's a wait-and-watch game with hopes that better offers will come through.