All-India Bank Officers’ Association (AIBOA) has urged Finance Minister Nirmala Sitaraman to revisit proposed disinvestment of Government and LIC stake in IDBI Bank and shelve the same in ‘larger national interests.’

S Nagarajan, General Secretary, AIBOA, has opened a new front in the ongoing trade union campaign against divestment, saying, IDBI, then developmental financial institution, was allotted immovable assets and land parcels on lease basis for 99 years as it was owned by the Government of India. 

Rebranding of IDBI

It was in 2005 that Industrial Development Bank of India (IDBI) merged with its subsidiary commercial division, IDBI Bank, to form a single entity, IDBI, later rebranded as IDBI Bank. This strategic merger allowed the development financial institution to transition into a retail-focused commercial bank.

In an identical communication to Arunish Chawla, Secretary, DIPAM, Nagarajan said IDBI was reportedly allotted valuable lands under Land Acquisition act of 1894 in various parts of country. It has been specifically mentioned IDBI Bank is wholly owned by Government of India and governed as public sector financial institution. 

Secure lands back

The AIBOC stand is that several of the land parcels were acquired under the land Act on the premise that such acquisition was for a ‘public purpose’ as defined in Section 3(f)(iv) as for a company wholly owned/controlled by the government. In other words, if IDBI Bank were to slip into hands of a private company, all such lands should revert to the government, as otherwise it would imply an outright violation of that statutory provision. The bid documents make no mention of this, AIBOA argued.

Nagarajan said as immovable assets/land parcels allotted to erstwhile IDBI are not secured back to the control of the Government of India before exercise of disinvestment, it will certainly lead to questionable sale and subject to lot of future complications involving various officials in this connection, Nagarajan said.

Sole eligible bidder

“It is reliably learnt there were initially three interested purchasers of proposed divestment stake from Government as well as from LIC. But at present, it is understood that Emirates NBD Dubai, is sole bidder eligible to pick up the stake. Emirates NBD Dubai is majority-owned and controlled by Government of Dubai. The primary shareholder is the Investment Corporation of Dubai that holds a 40.92 per cent stake, while Dubai Holding holds a 14.84 per cent stake, making it a state-owned entity.”

The process of partial disinvestment is in active consideration and the shortlisted bidders have foreign origin, Nagarajan said. Even as Government of Dubai, through their extended arms, has direct interest/control on Emirates NBD Dubai, back home, DIPAM is in fast-forward mode to complete the process without addressing an important issue, he added.

Published on March 4, 2026

Equity markets tumbled sharply on Wednesday, as escalating geopolitical tensions, rising crude prices, weak global cues and a strengthening US dollar triggered broad-based selling. The BSE Sensex plunged nearly 1,795.65 points from the previous close, while the NSE Nifty 50 fell 560 points.

Analysts believe India’s heavy reliance on oil imports raises concerns over inflation, a widening trade deficit, a depreciating currency, and slower economic growth, which could impact corporate earnings if the conflict drags on.

At 12.50 pm, Sensex traded 1422.02 pts or 1.77 per cent lower at 78,816.83, hitting an intraday low of 78,443.20 from the previous close of 80,238.85. Nifty 50 dragged 477.70 pts or 1.92 per cent to 24,388.

Both midcap and smallcap indexes declined nearly 3 per cent, with sectoral indices across the board in the red, led by metal, realty and PSU bank stocks, which dropped 4–5 per cent, amplifying the market weakness.

Metal, realty, PSU Bank stocks drag

Among the Nifty 50 pack, Coal India, Infosys and Bharti Airtel led the gainers, while Tata Steel, L&T, TMPV and JSW Steel fell sharply up to 8 per cent.

A total of 3,195 stocks were traded on the National Stock Exchange, with 445 advancing, 2,664 declining, and 86 remaining unchanged. Among these, 11 stocks reached their 52-week highs, while 535 hit their 52-week lows. Market volatility was evident as 29 stocks hit the upper circuit limits, but a significantly larger number, 134 stocks, touched their lower circuit limits.

Under the midcap segment, Oil India, Swiggy, Persistent Systems, PB Fintech and MphasiS posted modest gains, while SAIL, Bank of India, Indian Bank, NMDC and ITC Hotels fell 5-7 per cent.

Among the smallcap basket, Sagility, Zen Tech, Ola Electric and CreditAccess gained 2-7 per cent, while MGL, Aegis Vopak, PGEL and Hindustan Copper depreciated 5-8 per cent.

On the BSE, Bajaj Holdings, Sagility, Poly Medicure and Shree Renuka Sugars soared 6-9 per cent, while on the flip side, Petronet LNG, MGL and Lumax plunged up to 9 per cent at the time of writing.

Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, advised investors to consider buying high-quality stocks in sectors like banking, pharmaceuticals, automobiles, and defense for long-term opportunities.

Published on March 4, 2026

Russia on Tuesday claimed that India has signalled “renewed interest” in importing larger volumes of Russian crude oil amid disruptions in energy supplies following the closure of the Strait of Hormuz after US and Israeli strikes on Iran.

The Strait of Hormuz is the world’s most critical oil shipping chokepoint. It is facing disruptions after Iranian actions in response to US and Israeli strikes.

“Yes, we are getting signals of renewed interest from India,” Deputy Prime Minister Alexander Novak told the state-run TV Rossiya 1 on the sidelines of an event in Moscow.

Nearly a fifth of the world’s oil supply and a significant share of liquefied natural gas exports pass through the narrow waterway linking the Persian Gulf with global markets.

Any prolonged restriction on traffic through Hormuz threatens to disrupt energy supplies to major importers, including India, China and Japan, and drive up global crude prices.

Novak, who oversees Russia’s energy sector, did not rule out the possibility that the European Union could also ease its decision to curtail imports of Russian hydrocarbons in view of the unfolding energy crisis.

Meanwhile, Russia’s NTV channel, owned by energy giant Gazprom, said the escalation of hostilities and Iran’s strikes on oil and gas infrastructure in Gulf countries could help Moscow reduce the “deep discounts” it has been offering to Asian buyers, including India.

Published on March 4, 2026