Shares of Bank of Maharashtra, Bank of India, Indian Overseas Bank and Central Bank of India gained more than 10 per cent each in the early trade on February 16 on reports of privatization of these banks.
The government has shortlisted four mid-sized state-run banks for privatization, under a new push to sell state assets and shore up government revenues, three government sources said. Two of those banks will be selected for sale in the 2021/2022 financial year which begins in April, the officials said.
Bank Of India touched a 52-week high of Rs 66, up Rs 5.25, or 8.92 per cent. Also, Bank of Maharashtra touched a 52-week high of Rs 18.50, up Rs 2.45, or 15.41 per cent.
Central Bank of India was quoting at Rs 15.60, up Rs 1.65 and Indian Overseas Bank was quoting at Rs 12.40, up Rs 1.45, or 13.24 per cent on the BSE.
