EAS Sarma IDBI disinvestment letter: IDBI Bank share price will remain in focus on Wednesday, 21 October, after reports revealed that former civil servant and activist EAS Sarma has written to the President of India, urging her to reconsider the Centre’s decision to divest its stake in IDBI Bank.
IDBI Bank shares ended Monday's session on a negative note, closed 2.23% lower at ₹84.12 apiece on 19 October.
According to a report by Hindu BusinessLine, Sarma argued that the social costs of the move “far exceed the perceived social benefits."
Sarma pointed out that the President holds equity shares in Central Public Sector Enterprises (CPSEs) on behalf of the people.
“I seek your intervention in directing the government to review CPSE disinvestment in general and IDBI disinvestment in particular,” the letter said, as per the report.