Workers started a two-day countrywide strike on Monday to protest the planned sale of IDBI Bank. The United Forum published its statement about the action on social platform X and said the walkout will run on Nov. 2 and Nov. 3.
The forum questioned how open the sale process had been and pointed to the bank's recovery after large public funding and sustained work by its employees. The group said handing control to a foreign buyer raises "serious questions of public accountability and national interest."
On Monday, IDBI Bank shares closed down 2.1% in Mumbai while the NSE Nifty 50 Index rose 1.7%. The strike follows Fairfax, led by Prem Watsa, agreeing to buy a 60.72% holding. Local media reported Prem Watsa assured employees there would be no job cuts, and the government said it would safeguard employees' pension and service conditions.
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The dispute could affect investor sentiment around the bank while the sale moves forward, and the short-term reaction showed a drop in the stock amid a broader market rise.
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