Government is considering mid-sized to small banks for its first round of privatisation.
Shares of Indian Overseas Bank, Bank of India, Central Bank of India and Bank of Maharashtra rallied as much as 20 per cent on report that the government has shortlisted four mid-sized state-run banks for privatisation. The four banks on the shortlist are Bank of Maharashtra, Bank of India, Indian Overseas Bank and the Central Bank of India, news agency Reuters reported citing sources.
Following this report, Indian Overseas Bank stock price rose by its daily maximum limit of 20 per cent to hit an intraday high of Rs 13.20. Central Bank of India advanced 15.6 per cent to hit high of Rs 16.12, Bank of India climbed 15 per cent to hit fresh 52-week high of Rs 67.70 and Bank of Maharshtra rallied 20 per cent to hit a high of Rs 19.10.