IDFC gets RBI nod to use Rs. 2500 crore reserve; up 2%

The company said it has received regulatory approval to utilise Rs 2,500 crore non-distributable reserves for provisions against bad loans as part of exercise to clean its book before venturing into universal banking.

Infrastructure finance firm IDFC stock was higher by 2% to Rs. 136 after the company said it has received regulatory approval to utilise Rs 2,500 crore non-distributable reserves for provisions against bad loans as part of exercise to clean its book before venturing into universal banking.

The stock opened at Rs.134 as against the previous close of Rs. 134 on BSE. It has hit a high of Rs.137 and a low of Rs. 134 on BSE today.

Total traded quantity on the counter stood at over 3 lk shares on BSE.

Meanwhile, the BSE Sensex is down 157 points at 26,062.