IDBI Bank surged 2.5 percent to Rs 77.10 on BSE after the bank announced reduction in lending rates based on marginal cost of funds between 0.15 to 0.25 basis points for loans with various maturities effective from 1 July 2016.
The announcement was made after market hours yesterday, 4 July 2016.
Meanwhile, the BSE Sensex was down 24.02 points, or 0.09 percent, to 27,254.74
On BSE, so far 4.64 lakh shares were traded in the counter compared with average daily volume of 6.48 lakh shares in the past one quarter. The stock hit a high of Rs 77.45 and a low of Rs 75.55 so far during the day.
The stock had outperformed the market over the past 30 days till 4 July 2016, advancing 17.3 percent compared with Sensex's 1.62 percent rise. The scrip also outperformed the market in past one quarter, rising 10.5 percent as against Sensex's 9.63 percent gain.
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