Indian government revives IDBI Bank sale after bids fell short
Business
The Indian government is giving the sale of IDBI Bank another shot after earlier bids didn't hit the mark (they were below the government's expectations).
New bids are expected, but nothing's final yet.
IDBI Bank shares tumble nearly 1-third
Shaky market conditions, so officials are still weighing their options.
Right now, LIC owns about 49% of IDBI Bank and the government holds around 45%.
All this uncertainty has made share prices tumble—down nearly one-third—but interestingly, the bank just posted strong growth in loans and deposits last quarter.