According to CNBC, shares of IDBI Bank fell more than 7% on Thursday after the Indian government announced a majority stake sale in the state-owned lender to Canadian firm Fairfax Financial Holdings for more than 529 billion rupees ($5.5 billion). The Ministry of Finance said the deal, once final approvals are secured, would be the largest foreign direct investment transaction in India's financial sector. The government said it will sell a 60.7% stake in IDBI Bank to a strategic buyer after the bank required repeated capital infusions because of poor financial health. Fairfax's winning bid valued the shares at 81 rupees each, above the government's average fair value of 75.99 rupees per share, while IDBI Bank closed at 90.39 rupees on Wednesday. Fairfax must also undergo a fit-and-proper assessment by the Reserve Bank of India.