Bank of Baroda fell 1.65% to Rs 173.20 after the Central Bureau of Investigation arrested two bank officials yesterday, 13 October 2015, in the suspicious forex scam.
Meanwhile, the BSE Sensex was down 70.83 points, or 0.26%, to 26,775.70.
On BSE, so far 4.59 lakh shares were traded in the counter, compared with an average volume of 8.76 lakh shares in the past one quarter.
The stock hit a high of Rs 176.55 and a low of Rs 173 so far during the day. The stock hit a record high of Rs 228.90 on 23 January 2015. The stock hit a 52-week low of Rs 137.50 on 29 June 2015.
The stock had underperformed the market over the past one month till 13 October 2015, falling 2.76% compared with 4.83% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 12.67% as against Sensex’s 3.99% decline.
The large-cap company has an equity capital of Rs 460.83 crore. Face value per share is Rs 2.
The Central Bureau of Investigation (CBI) yesterday, 13 October 2015, arrested then Assistant General Manager and another officer (Foreign Exchange), both working in the Bank of Baroda, Ashok Vihar Branch, New Delhi in an on-going investigation of a case related to alleged violation of banking norms. Investigation so far revealed their alleged involvement in facilitating the foreign remittances by violating the laid down procedures/guidelines of Bank of Baroda and thereby facilitating the accused persons in money laundering, CBI said in a statement.
The arrested accused will be produced today, 14 October 2015, in the designated court at Delhi.
CBI began a probe into illegal overseas remittance of a large amount of foreign exchange from Bank of Baroda’s Ashok Vihar, Delhi branch. In a statement issued at the fag end of the trading session on Monday, 12 October 2015, BoB said that a sum of $546.10 million or about Rs 3500 crore was remitted through 38 current accounts of the bank’s Ashok Vihar, Delhi branch to various overseas parties, mainly based in Hong Kong. BoB clarified that there may be an insignificant financial loss to the bank arising from the transactions. The CBI began investigation into the case after a complaint from BoB. CBI registered a case against 59 current account holders and unknown bank officials and private persons.