Indian Overseas Bank shares jump 3% after 5 bps cut in overnight MCLR

Indian Overseas Bank's share price saw an uptick after the lender cut its overnight MCLR by 5 bps to 7.95%, effective January 15, following an ALCO review. The revision, made amid an ongoing government stake sale, is expected to have a limited impact on existing borrowers, with other MCLR tenors unchanged.