New Delhi, March 16 -- Shares of IDBI Bank Limited fell 15% in intraday trade on Monday, March 16, amid reports that the Indian government's efforts to sell a majority stake in the lender are likely to be scrapped.

According to multiple media reports, the government has scrapped the plans for the PSU stock's divestment after the offers received were below the minimum price expectation. The Indian government and state-owned Life Insurance Corporation of India had initiated the process to sell 60.7% of the lender in 2022.

The existing sale process would be scrapped as the bids received were below the so-called reserve price, or the minimum sale price, set for the sale, people aware of the matter told Reuters. Mint could not independently ...