Shares of the Indian Overseas Bank and Central Bank of India have seen a rise of 20 percent on BSE. The surge took place after the reports about the financial institutions being privatized came out. IOB has reached Rs.23.80 with an increment of 20% and CBI has sen a surge of 15% in intra-day trade.
According to reports the privatization was supposed to be announced during the union budget 2021-22 under the government’s broader divestment goals. The plan also included the privatization of several other state-owned entities including the Life Insurance Corporation of India.