IDFC Bank, IDFC rally 10% on buzz of acquisition in financial services segment

IDFC Bank and IDFC shares rallied 10 percent each intraday Wednesday after sources told CNBC-TV18 that IDFC Bank is likely to announce a large acquisition shortly.

The bank is looking to acquire a large financial services company, which will be in-line with strategy to augment retail business, sources said.

The bank, however, said it does not comment on market speculation.

At 14:53 hours IST, the stock price of IDFC Bank was quoting at Rs 61.95, up 9.36 percent with a market cap of Rs 21,000 crore and IDFC was at Rs 60.20, up 9.65 percent with market cap of Rs 9,600 crore on the BSE.