Nifty recovered from the days low and two session setback to trade with 160 points lead at 21,399.35 on Wednesday aided by recovery in bank, IT and FMCG stocks.
IDFC First Bank Share Price: Following mixed December quarter earnings and not so optimistic brokerage view, shares of IDFC First Bank fell over 5% to the day s low of Rs 82.80 on the NSE on Tuesday. While BofA recommended an underperform rating on the stock, domestic brokerages Motilal Oswal and Nuvama held Neutral and Hold views respectively.
Warburg Pincus, through its affiliate Cloverdell Investment, was likely to sell a 1.3% stake in the private sector lender, and the floor price for the same has been set at Rs 85.7 a share.
IDFC First Bank: The Warburg Pincus-owned Cloverdell Investment was likely to sell a 1.3 per cent stake in IDFC First Bank through a block deal for about $100 million at Rs 85.70 apiece today.