Bank of Baroda extends losses over forex scam

Shares of Bank of Baroda have dipped 1.4% on BSE post the arrest of two of its officials by the CBI in the wake of forex scam

Shares of Bank of Baroda have dipped 1.4% to Rs 173.70 on the Bombay Stock Exchange (BSE) post the arrest of two of its officials by the Central Bureau of Investigation (CBI) in the wake of forex scam.

The CBI arrested the Assistant General Manager and another high level officer in connection with the ongoing 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.

Read more from our special coverage on "BANK OF BARODA FOREX SCAM"

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• Bank of Baroda case: Court remands 2 bank officials in CBI custody

The accused will be produced in Delhi court today. CBI said that the investigation is continuing and further efforts to nab the absconding accused persons are underway.

The stock opened at  Rs 173.50 and hit a low of Rs 173 on the BSE. At 2PM, a combined total of 37.6 million shares changed hands on the counter of NSE and BSE.