IDFC disqualified for banking license; scrip dips over 3%

IDFC disqualified for banking license; scrip dips over 3%
Shares of private equity firm IDFC fell over 3 per cent in early trade on Bombay Stock Exchange (BSE) after being disqualified for bank licence as foreign shareholding in the institution exceeds the permissible limit of 50 per cent.

The Infrastructure financing firm, which has applied to RBI for a bank licence, has said it is working towards shareholding pattern to meet norms. Reacting to the news, shares of company declined as much as 3.32 per cent to trade at Rs 100.45 a piece on the BSE.

In a similar fashion, shares of the company slipped 1.25 per cent 102.60 a piece on National Stock Exchange.

Meanwhile, the broader benchmark Sensex was quoting at 20,793.95, up 85.33 points or 0.41 per cent at 10:25 hours.

Dion Global Solutions Ltd.

Read more about: idfc, banking licence, rbi
Story first published: Friday, December 20, 2013, 12:59 [IST]
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