Shares of Central Bank of India Ltd plunged 6 per cent in Friday's trade, as the government set floor price for its two-day offer for sale (OFS) at Rs 31 per share, which was at 8.66 per cent discount to its Thursday's closing price of Rs 33.94 on NSE. Non-retail participants can bid for the shares offered today, while retail investors and eligible employees of Central Bank can bid for the issue on Monday.   

Central Bank shares tanked 5.95 per cent to hit low of Rs 31.89. With this, the PSU bank stock has fallen 15.13 per cent in 2026 so far. The stock declined recently as the bank's March quarter net profit fell 29.91 per cent year-on-year (YoY) to Rs 724.43 crore, data compiled from corporate database AceEquity suggests. Profit fell in line with a 33 per cent YoY decline in other income. Interest earned for the quarter was up 12.09 per cent at Rs 9,660.67 crore, data showed.

The fresh OFS move by the government comes as it held 8,08,03,91,687 shares, or 89.27 per cent stake, in the PSU bank and was required to reduce its holding in the lender to 75 per cent to comply with SEBI's minimum public shareholding norms. The norms  mandate listed companies to maintain at least 25 per cent public shareholding.

Earlier on Thursday, Central Bank of India told stock exchanges that the government was looking to sell up to 36,20,56,051 shares, representing 4 per cent of the total issued and paid up equity share capital, as the base offer size. A option to sell 36,20,56,051 additional shares through a separate, designated windows of BSE and NSE has been kept open. This collectively means a 8 per cent stake is on the block. 

In a filing to BSE, Central Bank said only non-retail investors can participate in the OFS on Friday. The bank has offered 75,00,000 additional shares of the bank to eligible employees through the stock exchange mechanism, in accordance with the terms and conditions provided in the OFS. The eligible employees may apply for Central Bank shares amounting up to Rs 5 lakh.

Retail investors, employees and for non-retail investors that choose to carry forward their un-allotted bids from T day, can bid on Monday.

"The Offer shall take place over two trading days on a separate window of the Stock Exchanges on May 22, 2026 ("T" day) and May 25, 2026 (T+1 day), commencing from 9:15 a.m. and shall close on the same date at 3:30 p.m. (Indian Standard Time) on both days, as per details given below," Central Bank of India said.