Bank of Baroda stock falls 17%, Dena up 20% on merger plans
Shares of Bank of Baroda plunged 17% on Tuesday after the government proposed a merger with smaller state-owned lenders Dena Bank and Vijaya Bank. While Dena Bank shares rallied nearly 20%, Vijaya Bank shares jumped as much as 10% in early trading. Dena bank is currently under the Prompt Corrective Action framework and has been restrained from further lending.