India's IDBI Bank shares fell more than 7% on Thursday after the Indian government announced the sale of a 60.7% majority stake in the state-owned bank to Canadian firm Fairfax Financial Holdings for over 529 billion rupees ($5.5 billion). The Ministry of Finance stated that once final approvals are in place, this will be the largest foreign direct investment in India's financial sector. The divestment is part of the government's strategy to address fiscal pressures, as the bank had required repeated capital infusions due to its poor financial health.