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Shares of Syndicate Bank came under heavy selling in the morning trade after the arrest of its CMD Sudhir Kumar Jain by the CBI over a bribery scandal.
Scrips of two steel companies linked to the bribery allegation - Bhushan Steel and Prakash Industries - also tanked.
Syndicate Bank shares were down by Rs 7.35 or 5.09 per cent to Rs 136.95 with a trading volume of 32 lakh shares within the first 20 minutes of trading on the NSE.
Bhushan Steel crashed to a new 52-week low of Rs 363.95, a loss of Rs 28.75 or 7.32 per cent, with a trading volume of around 49,000 shares. Prakash Industries shares were down by Rs 18.75 or 16.87 per cent to Rs 92.40 on the exchange.
Apart from the Syndicate Bank CMD, some officials from these two steel making companies have been named as accused in the bribery case.
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