Shares of Oriental Bank of Commerce (OBC) and Dena Bank fell sharply on Wednesday after the banking secretary said the scams happened due to lack of proper due diligence.

The government has initiated a forensic audit at the both the banks to investigate alleged misappropriation of funds worth Rs 4.36 billion from their fixed deposit customers.

Shares of Oriental Bank of Commerce (OBC) declined Rs 9.9, or 3.61%, to trade at Rs 264.05. The total volume of shares traded was 211,287 at the BSE (12.50 p.m., Wednesday).

Shares of Dena Bank declined Rs 2.6, or 4.11%, to trade at Rs 60.70. The total volume of shares traded was 481,953 at the BSE (12.50 p.m., Wednesday).