IDBI tumbles on arrest of ex-officials in Kingfisher loan case
DSIJ Intelligence / 24 Jan 2017
The public sector bank, IDBI Bank, lost more than 2 per cent on Tuesday morning, reacting to the news that came last night about senior officials of the bank getting arrested in the loan case associated with Kingfisher Airlines.
The public sector bank, IDBI Bank, lost more than 2 per cent on Tuesday morning, reacting to the news that came last night about senior officials of the bank getting arrested in the loan case associated with Kingfisher Airlines.
Four other ex-officials, along with former chairman of IDBI, got arrested by the Central Bureau of Investigation on Monday. Four other executives associated with Kingfisher Airlines were also arrested in connection with the loan default case.
The CBI has filed a case against Vijay Mallya, Director of Kingfisher Airlines, A Ragunathan, CFO of the Airlines and a few unknown officials of IDBI Bank as the loan was allegedly sanctioned violating the credit limit norms.
The exchange has already sought clarification on this matter from IDBI Bank. However, IDBI has not yet clarified on the issue.
Earlier this month, IDBI had informed exchange about raising Rs 100 crore via bonds to strengthen its capital adequacy. It would be interesting to watch out IDBI Bank's quarterly numbers which will be out on February 7, 2017.
The stock, however, has recovered as the market approached towards the end of Tuesday's trading and it is trading flat at Rs 76.10 as on 2.38 p.m.
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