 "UCO Bank tanks 8% as FinMin orders forensic audit")
UCO Bank has tanked 8% to Rs 90.10 on National Stock Exchange (NSE) after PTI reports that the government has ordered limited forensic audit into some non-performing accounts of state-owned bank to find out any irregularities in sanction of loans.
The stock opened at Rs 91.80 and touched high of Rs 93.40 so far. The counter has seen huge trading activity with a combined 5.03 million shares changing hands in early morning trades on NSE and BSE.
Meanwhile, since the announcements of June quarter earnings, the stock has underperformed the market by falling 16% from Rs 108 on July 24. The benchmark CNX Nifty gained 1.4% during the same period.
As on June 30 2014, the bank’s gross non-performing assets (NPAs) stood at Rs 6,346 crore. In percentage terms, it was 4.31% of the total advances. At the same time, net NPAs of the bank stood at Rs 3,344 crore, added report.
The bank sold NPAs worth Rs 1,545 crore during the fourth quarter of 2013-14. This was almost five times the value of bad loans it sold in the previous three months.
The stock opened at Rs 91.80 and touched high of Rs 93.40 so far. The counter has seen huge trading activity with a combined 5.03 million shares changing hands in early morning trades on NSE and BSE.
Meanwhile, since the announcements of June quarter earnings, the stock has underperformed the market by falling 16% from Rs 108 on July 24. The benchmark CNX Nifty gained 1.4% during the same period.
As on June 30 2014, the bank’s gross non-performing assets (NPAs) stood at Rs 6,346 crore. In percentage terms, it was 4.31% of the total advances. At the same time, net NPAs of the bank stood at Rs 3,344 crore, added report.
The bank sold NPAs worth Rs 1,545 crore during the fourth quarter of 2013-14. This was almost five times the value of bad loans it sold in the previous three months.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%