IDFC Twins Slip In Closing Hour On Tuesday

The IDFC and Shriram Group merger is a conglomerate major in the making, initiating the transformation of IDFC Bank from an infrastructure lender into a universal bank. The merger, if it happens will mark the entry of Piramal Group into commercial banking.

IDFC Group stocks have been in focus during Tuesday’s trading sessions. IDFC Bank closed at Rs 62.05 per share, down by Rs 3.15 per share or 4.83%. However, the stock was still trading above its 100-DMA of Rs 60.47 per share. IDFC Limited closed at Rs 55.8 per share, down by Rs 0.7 per share or 1.24%.

Meanwhile, Nifty and Sensex slipped from their day’s high level in the closing hours. Nifty was trading at 9,786 level, up by 15 points and Sensex was trading at 31,747 level, up by 31 points.

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