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BoB exits MCX

Bank of Baroda has sold its entire stake in Multi-Commodity Exchange of India. The board of MCX said after a meeting that the bank has withdrawn its nominee from the board following the divestment of its entire stake in the bourse. However, the exchange did not disclose how much stake the public sector bank held in it. State Bank of India, Corporation Bank and Bank of Baroda – all PSU lenders – had together bought 9.69% in MCX in 2004 at a total investment of Rs 3.94 crore. Corporation Bank has also been offloading its stake. MCX is India’s leading commodity exchange. Its trading volumes have fallen drastically since a payment crisis came to the fore in July last year at National Spot Exchange, an entity set up by the erstwhile promoters of MCX.

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