Dena Bank, Vijaya Bank tumble on share-swap ratio announcement

January 03, 2019 17:41

Shares of Dena Bank and Vijaya Bank on Thursday tumbled up to 20 per cent after the Cabinet approved their amalgamation with Bank of Baroda. The scrip of Dena Bank plunged 19.78 per cent to settle at Rs 14.40 on BSE. Vijaya Bank tanked 6.76 per cent to end at Rs 47.60. Intra-day, it tumbled 8.12 per cent to Rs 46.90. The scrip of Bank of Baroda closed unchanged at Rs 119.40. "As per January 2 closing price and based on announced swap ratios, Vijaya Bank's 1,000 shares value stands at Rs 51,050 against which its shareholders have been awarded Bank of Baroda's shares worth Rs 47,939, translating into a loss of 6 per cent. -- PTI

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