BoB shares fall over 4 per cent on RBI move

Shares of Bank of Baroda (BoB) fell over four per cent today after the Reserve Bank said foreign investors would be required to obtain its prior approval to purchase further shares in the bank as the prescribed limit has reached trigger point.
Following this, shares of BoB fell 3.73 per cent to settle at Rs 879.15 on the BSE. During the day, it was down 4.34 per cent to Rs 873.60.
At the NSE, the stock slipped 4.51 per cent to end the day at Rs 872.85.
On the volume front, 1.78 lakh shares of the company changed hands at the BSE, while more than 20 lakh shares were traded at the NSE during the day.

RBI monitors ceilings on foreign institutional investors (FII), Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) investments in Indian companies on a daily basis and to effectively monitor the limit, it has fixed cut-off points two percentage points lower than the actual ceiling.
The foreign share holding through FIIs/Registered Foreign Portfolios Investors (RFPIs)/NRIs/PIOs in Bank of Baroda has reached the trigger limit.
"Hence, further purchases of equity shares of this bank would be allowed only after obtaining prior approval of the Reserve Bank of India," RBI had said in a notification yesterday.