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IDFC stock was down about Rs 9 in early morning trade after opening at Rs 138. The stock was trading at Rs 129 at about 11.20 a.m.
A rally in the stock was expected on the back of it getting a coveted in-principle approval for a bank licence from the Reserve Bank of India. The in-principle approval is for 18 months.
The stock had run up by nearly Rs 40 over the past month as the stocks of many applicants saw positions being built. Two applicants out of 20 five got the in-principle approval.
The RBI acknowledged that it had taken a conservative approach but has however said that it would look at applications even from those who were rejected this time, in future rounds.
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