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IDBI Bank shares slump as CBI initiates enquiry on loans to Kingfisher
Shares in government owned Bank IDBI Bank slumped after reports that the Central Bureau of Investigation had initiated an enquiry into how Kingfisher was lent loans by IDBI Bank despite negative networth of Kingfisher Airlines.
"CBI has registered a preliminary enquiry (PE) to enquire into the role of IDBI and KFA," the CBI spokesperson was quoted by Economic Times as saying.
The shares of IDBI Bank were down 4 per cent at Rs 79.90 on the National Stock Exchange. Earlier last week another government owned bank, Syndicate Bank saw a sharp slump in its share prices after its Chairman was arrested with regards to an alleged case of bribery.
Should skeletons start falling with respect to loans by PSU banks we could see some more reaction to share prices of government owned companies.
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