Stock Market

UCO Bank tanks to 12 year low amid fraud allegations

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NEW DELHI: Shares of state-run lender UCO Bank nosedived 18 per cent to hit its lowest since August 30, 2006.

The CBI on Saturday booked former UCO Bank CMD Arun Kaul and others for allegedly cheating the bank to the tune of Rs 621 crore.

The agency is carrying out searches at 10 locations-- eight of them in Delhi and two in Mumbai -- in this connection, PTI reported quoting sources. It was alleged that the accused persons in pursuance of criminal conspiracy defrauded the UCO Bank to the tune of Rs 621 crore (approx) by diversion and siphoning of the bank loans, they said. The stock posted its biggest intraday percentage fall since November 9, 2016, Reuters reported.

The stock is down over 41 per cent in 12 months, as of Friday’s close. At 01:04 am, shares of the bank were trading at Rs 20.50 apiece, down 8 per cent on NSE.




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