Shares of UCO Bank plunged nearly 18 per cent in morning trade after the CBI booked Arun Kaul, former chairman-cum-managing director of the lender, 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, down 14.31 per cent over its previous closing price.
On NSE, the stock opened at Rs 20.60, then fell to its 52-week low of Rs 18.25, down 17.97 per cent over its last close.
Besides Kaul, the CBI booked Era Engineering Infra India Ltd. (EEIL), its CMD Hem Singh Bharana, two chartered accountants -- Pankaj Jain and Vandna Sharda -- and Pawan Bansal of Altius Finserve Pvt. Ltd. among others, they said.
Kaul, who was the CMD of a Kolkata-based bank between 2010 and 2015, allegedly facilitated the accused company in obtaining the loan.