IDBI Bank Jumps Over 5% On Rs 2,700-Crore Tax Refund
The lender received an order from the Income Tax Department for a refund of Rs 2,701.6 crore.
Shares of IDBI Bank jumped over 5% on Monday after it received an order from the Income Tax Department for a refund of Rs 2,701.6 crore, including interest, for assessment year 2016–17.
"The bank is in the process of evaluating the implications of this order on the financial statements," it said in an exchange filing.
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On the NSE, IDBI Bank's stock rose as much as 5.2% during the day to Rs 90 apiece, the highest since June 4. It was trading 2.22% higher at Rs 87.45 per share, compared to a 0.25% advance in the benchmark Nifty at 1:41 a.m.
The share price has risen 29.75% on a year-to-date basis and 57.9% in the last 12 months. The total traded volume so far in the day stood at 1.56 times its 30-day average. The relative strength index was at 52.87.
