Share prices of Bank of India, Bank of Maharashtra, Indian Overseas Bank and Central Bank of India rallied more than 10 percent each in early trade on Tuesday amid reports that the government may privatise these banks.

Share Market Live

NSE

The government has shortlisted these four mid-sized state-run banks for privatisation, under a new push to sell state assets and shore up government revenues, news agency Reuters reported.BOI, IOB, Bank of Maharashtra, Central Bank of India shares rally over 10% each: Here's why

Read here:

4 mid-sized government banks shortlisted for privatisation: Report

Two of those banks will be selected for sale in the 2021/2022 financial year which begins in April, the report said.

However, government sources told CNBC-TV18, that the media report of the government shortlisting four mid-sized state-run banks for privatisation was not correct and the government is yet to identify PSBs for privatisation.

The process will take a while, informed the sources.

Read here: Media reports saying 'govt shortlists four mid-sized state-run banks for privatisation' not correct

Meanwhile, the sector gauge, the Nifty PSU Bank Index rallied over 2 percent. Shares of Bank of Maharashtra were at 20 percent upper circuit, Bank of India jumped over 10 percent to hit a 52-week high, Indian Overseas Bank rallied 20 percent and Central Bank of India surged over 15 percent.

Catch all the latest updates from the stock market here.

(Edited by : Ajay Vaishnav)

First Published:Feb 16, 2021 11:22 AM IST