Bank of Baroda fell 4.87% to Rs 141.50 at 15:15 IST on BSE after the CBI conducted further searches in an ongoing investigation of a case relating to alleged violation of banking norms in overseas remittance of foreign exchange.
The announcement was made by the CBI on Sunday, 6 March 2016.Meanwhile, the S&P BSE Sensex was down 2.77 points or 0.01% at 24,643.71.
On BSE, so far 13.8 lakh shares were traded in the counter as against average daily volume of 12.22 lakh shares in the past one quarter. The stock hit a high of Rs 147.45 and a low of Rs 140.65 so far during the day. The stock had hit a 52-week low of Rs 109.45 on 12 February 2016. The stock had hit a 52-week high of Rs 216.25 on 18 August 2015. The stock had outperformed the market over the past one month till 4 March 2016, rising 20.98% compared with Sensex's 1.27% gain. The scrip had, however, underperformed the market in past one quarter, dropping 11.17% as against Sensex's 3.87% fall.
The large-cap public sector bank has equity capital of Rs 460.83 crore. Face value per share is Rs 2.
The Central Bureau of Investigation (CBI) said that it has conducted searches at ten locations in the office/residential premises of certain persons at Delhi/NCR/other places in an on-going investigation of a case relating to alleged violation of banking norms in overseas remittance of foreign exchange of Rs 6000 crore in an illegal and irregular manner from Bank of Baroda's Ashok Vihar, Delhi branch. The CBI said that the investigation revealed further involvement of around 11 private persons/entities (companies). The CBI said that further investigation is continuing with reference to the role of other accused persons including bank officials as well as alleged 59 account holders and private persons. On 9 October 2015, CBI registered a case against 59 current account holders and unknown bank officials and private persons on alleged violation of banking norms in overseas remittance of foreign exchange from Bank of Baroda's Ashok Vihar, Delhi branch.
Bank of Baroda reported net loss of Rs 3342.04 crore in Q3 December 2015 as against net profit of Rs 333.98 crore in Q3 December 2014. Total income declined 0.7% at Rs 11726.95 crore in Q3 December 2015 over Q3 December 2014.
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The Government of India held 59.24% in Bank of Baroda (as per the shareholding pattern as on 31 December 2015).
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