Dena Bank jumps on govt recapitalisation

DALAL STREET SPIKES

The Dena Bank scrip galloped by 16.3 per cent to Rs 42.9 on the back of government’s decision to recapitalise public sector banks to the tune of Rs 20,000 crore. The government holds 51.2 per cent stake in Dena Bank.

The move will ensure that banks will not suffer from capital adequacy constraints in order to maintain their credit growth momentum. The stock made an intraday high of Rs 43.4 and a low of Rs 37.7. The stock witnessed trading volumes of 4.6 million shares, about 3.5 times higher than its two-week average.