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Shares of Bank of Maharashtra extended their fall for a second straight day as the CEO was held over 'misuse of power'. The stock declined as much as 7.1 per cent to Rs 12.4.
BoM Chairman and Managing Director Ravindra Marathe, along with five others, have been arrested for extending fraudulent loans to Pune-based DSK Group. DS Kulkarni and his wife Hemanti were arrested in February in this connection.
The bank had said on Wednesday that the loans were sanctioned to DS Kulkarni Developers Ltd as per the lending norms and the lender was in the process of recovering the loans.
Bank of Maharashtra stock was down 42 per cent this year, up to Wednesday's close.
(With inputs from Reuters)
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