PTI
New Delhi, November 10
Shares of Axis Bank slumped nearly 4% on Thursday after the government said it will sell its entire stake in the lender.
The stock declined 3.54% to settle at Rs 843.40 apiece on the BSE. On the NSE, it slipped 3.70% to close at Rs 841.40 apiece.
In volume terms, 4.85 lakh shares were traded on the BSE and over 1.89 crore units on the NSE during the day.
On Wednesday, The Specified Undertaking of the Unit Trust of India (SUUTI), under the Union Government, said it plans to sell 4.65 crore shares representing 1.55 per cent stake in Axis Bank.
With the sale, the government would completely exit the private sector lender.
As of September 2022, the SUUTI held 4,65,34,903 shares representing 1.55% stake in the bank.
The government, at the current market price, is expected to realise about Rs 4,000 crore from the share sale.
(This story has not been checked by JK Mega and is auto-generated from other sources)