Police has arrested the chairman of Syndicate Bank on Saturday over allegations of taking bribes to grant loan extensions to a company.

The Central Bureau of Investigation has filed a case against Syndicate Bank chairman Sudhir Kumar Jain and 11 others, including two directors of a Delhi-based company, and is further investigating the allegations.

Shares of the bank declined Rs 6.85, or 4.77%, to trade at Rs 136.90. The total volume of shares traded was 355,566 at the BSE (9.30 a.m., Monday).