BANK OF MAHARASHTRA SHARES SLUMP 7% AFTER CEO’S ARREST

NEW DELHI: Shares of Bank of Maharashtra continued to fall for the second straight session on Thursday, dropping over 7% to hit a 52-week low, following the arrest of its chief executive officer in a cheating case. Bank of Maharashtra shares, after a weak opening, extended losses by falling 7.20% to ~12.50—its 52-week low—as the session progressed on BSE. On NSE, stock of the company tumbled 7.11%to hit its one-year low of ~12.40. The Economic Offences Wing of Pune police on Wednesday arrested six people, including the serving and a former CMD of Bank of Maharashtra in a cheating case lodged against real estate developer D S Kulkarni and his wife, an official said. The bank’s present CEO and managing director Ravindra Marathe, executive director Rajendra Gupta, zonal manager Nityanand Deshpande, and bank’s former CMD Sushil Muhnot, were arrested on Wednesday.