The arrest of CMD of Syndicate Bank for allegedly taking a bribe of Rs.50 lakh from two companies to extend their credit facilities - Bhushan Steel and Prakash Industries is shocking. It is shocking not because the CMD was caught taking a bribe but because he was actually arrested. That now is probably a first for any high ranking official in a long time.

Usually, this time of the year, running till August, Birla Matoshri hall in Mumbai is booked – this is their best season – the Annual General Meeting or AGM season. But this time around, like everything else, the hall looks bleak and empty, there is no activity, no booking and no AGM.

The stock today rose 4.5% to Rs.180.30 and then tapered down to Rs.176, where it is currently trading, up 2%.