Dena Bank surges 20%; Bank of Baroda tumbles 14% post-merger announcement

The government on Monday said state-owned Bank of Baroda, Vijaya Bank and Dena Bank will be merged to create the country's third-largest lender as part of efforts to revive credit and economic growth.

Press Trust of India September 18, 2018 13:40:05 IST
Dena Bank surges 20%; Bank of Baroda tumbles 14% post-merger announcement

New Delhi: Shares of Dena Bank surged up to 20 percent, while Bank of Baroda tumbled nearly 14 percent  on Tuesday following merger announcement.

Dena Bank surges 20 Bank of Baroda tumbles 14 postmerger announcement

Representational image. AFP

The scrip of Dena Bank zoomed 19.75 percent to Rs 19.10 -- its highest trading permissible limit for the day -- on BSE.
On the other hand, shares of Bank of Baroda dived 13.76 percent to Rs 116.50 and Vijaya Bank lost 2.59 percent to Rs 58.25.

The government on Monday said state-owned Bank of Baroda, Vijaya Bank and Dena Bank will be merged to create the country's third-largest lender as part of efforts to revive credit and economic growth.

The move follows top lender State Bank of India last year merging with itself five of its subsidiary banks and taking over Bharatiya Mahila Bank, catapulting it to be among top 50 global lenders.

Post this merger, the number of PSU banks will come down to 19.

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