New Delhi, March 23 -- IDBI Bank's shares hit a new 52-week low of Rs.66.45 on the NSE on Monday and have now lost almost 30% since 13 March after media reports that the central government may scrap its plan to sell a majority stake in the lender.

IDBI Bank is classified as a private sector bank even though the government and state-owned Life Insurance Corp. of India (LIC) together hold a 94.7% stake in it. The government had initiated the process to sell 60.7%, including LIC's, along with management control, but the bids were below the reserve price of about Rs.110 per share, according to media reports.

The cancellation of the stake sale comes as a dampener to the government's disinvestment efforts, although it may reinitiate the proce...