IDBI Bank Shares Plunge 19% in 2 Days, ₹18,900 Crore Market Cap Wiped Out

• IDBI Bank shares plummeted approximately 19% over two trading sessions, wiping out ₹18,900 crore from its market capitalization.
• The sharp decline is attributed to uncertainty surrounding the government's divestment plan, with reports suggesting bids were below the floor price.
• Speculation indicates the government might cancel the current bidding process and restart the divestment, causing investor profit-booking.
• The bank's share price is now nearing its 52-week low of ₹72, with its market cap at ₹80,224 crore.
• The IDBI Bank sale is a crucial test case for the government's privatization policy and its ₹80,000 crore divestment target for FY27.