Shares of UCO Bank plunged nearly 18 per cent in morning trade after the CBI booked Arun Kaul and others in connection with an alleged Rs 621-crore loan fraud.
Shares of the company today opened at Rs 20, then lost further ground and fell to their 52-week low of Rs 19.15.
The CBI has booked former UCO Bank CMD Arun Kaul and others for allegedly cheating the bank to the tune of Rs 621 crore, officials said today.
The UCO Bank said that it is taking steps to recover the amount in a Rs 19 crore fraud detected by it at one of its branches in Bengaluru through Sarfesi Act.
PNB will honour claims by peer banks who issued credit to Nirav and Choksi against guarantees given by PNB, but the payments come with riders, ET reported.
SBI and UCO Bank are looking for buyers to sell NPAs worth Rs 1,245 crore and have invited bids from ARCs, banks, NBFCs and FIs to clean their books of such dud assets.
Shares of UCO Bank plunged 11.26 per cent, those of Union Bank of India - 10.94 per cent, Allahabad Bank - 10.77 per cent and Bank of Baroda - 9.28 per cent.
India’s state-run UCO Bank said it has $411.82 million in exposure to fraudulent transactions carried out at Punjab National Bank (PNB).
As investigations into the Rs 11,400 cr scam at PNB, officials at overseas branches of other banks, where the fraudulently issued LoUs were encashed, are under scanner.
UCO Bank widened its net loss to Rs 1,016.43 crore in the quarter ended Dec 2017 as gross bad loans ratio hit over 20%.
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