Shares of Bank of Maharashtra continued to fall for the second straight session today and ended over 1 per cent lower, following the arrest of its serving and a former CMD in a cheating case.
Trimming most of its early losses, shares of the company were down 1.19 per cent to close at Rs 13.31 on BSE. During the day, it dived 7.20 per cent to Rs 12.50 - its 52-week low.
On NSE, shares of the company slipped 0.37 per cent to close at Rs 13.30.
In terms of equity volume, 2.75 lakh shares of the company were traded on the BSE and over 20 lakh shares traded on NSE during the day.
The Economic Offences Wing of Pune police yesterday arrested six people, including the serving and a former CMD of Bank of Maharashtra in a cheating case lodged against real estate developer D S Kulkarni and his wife, an official said.
The bank's present chairman and managing director Ravindra Marathe, executive director Rajendra Gupta, zonal manager Nityanand Deshpande, and the bank's former CMD Sushil Muhnot, were arrested yesterday.
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Meanwhile in a statement, Bank of Maharashtra said its exposure to D S Kulkarni Developers was around Rs 94.52 crore, which was fully secured.
"Our total outstanding exposure to DS Kulkarni Developers is to the tune of Rs 94.52 crore which is fully secured with primary and collateral securities," it said.
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