India Is Set to Halt IDBI Bank Sale as Both Bids Unviable

India is set to scrap the bids it received for a majority stake in IDBI Bank Ltd. as the amounts were below the minimum price sought, according to people with knowledge of the matter.

Technically this development brings a halt to the sale process, the people said, asking not to be identified as the details aren’t public. They declined to quantify the bids or the government’s so-called reserve price.