South Indian Bank surges; RBI removes foreign buy restrictions

Mumbai: Shares in South Indian Bank gain 3.5 per cent after RBI on Monday withdrew restrictions placed on the purchase of shares by overseas investors.

The RBI regularly prevents foreign institutional investors from buying shares in companies if they are approaching the limit stipulated by regulations, and will then re-adjust once foreign ownership falls below the prescribed level.

Foreign investors held 41.7 per cent of South Indian Bank shares as of end-March, according to BSE data.