UCO Bank’s shares slip 14% on loan fraud claims

Mumbai, April 16 (IANS) Shares of public-sector lender UCO Bank on Monday plunged by around 14 per cent on the BSE following the ongoing probe into an alleged Rs 737 crore loan fraud case.

During the day's trade, shares of the bank nosedived by 14.32 per cent to hit a 52-week low of Rs 19.15 per share on the BSE.

Around 2.30 p.m., the bank's shares traded at Rs 20.40 per scrip -- down 8.72 per cent -- on the BSE.

On the National Stock Exchange, UCO Bank's shares slipped by 17.98 per cent to a 52-week low of Rs 18.25 per share.

CBI officials on Sunday had said they will soon question the bank's former Chairman and Managing Director (CMD) Arun Kaul in connection with its ongoing probe into the loan fraud case.

Earlier, the agency had filed a case against Kaul, Era Engineering Infra India (EEIL), its CMD Hem Singh Bharana, two chartered accountants -- Pankaj Jain and Vandna Sharda -- and Pawan Bansal of Altius Finserve among others in connection with the alleged Rs 621 crore loan fraud which has caused a loss of over Rs 737 crore to the bank.

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