Central Bank of India and Indian Overseas Bank share price surged 20 percent hitting 20% upper circuit on June 21 after government shortlisted the banks for divestment, CNBC Awaaz has reported.
The two lenders might see 51 percent sale in the first phase of disinvestment.
The government will amend the Banking Regulations Act, and some other banking laws for divestment, the news channel reported.
Indian Overseas Bank was trading at Rs 23.60, up Rs 3.90, or 19.80 percent. It has touched a 52-week high of Rs 23.60. There were pending buy orders of 763,223 shares, with no sellers available.
Central Bank of India was trading at Rs 24.30, up Rs 4.05, or 20.00 percent. There were pending buy orders of 672,724 shares, with no sellers available.