UCO bank set for biggest drop since 2003 as CBI takes case against Ex-chief

UCO Bank headed for its biggest drop since 2003 after India’s federal investigative agency registered a case against UCO’s former chairman for cheating the state-run lender.

Shares of the Kolkata-based bank fell as much as 18 percent before trading down about 8 percent as of 11:10 a.m. in Mumbai on Monday. The 10-member Bankex index was little changed.

The Central Bureau of Investigation registered a case against Arun Kaul, a former chairman of UCO Bank, and some others for cheating the lender of about 6.21 billion rupees ($95 million), according to a text message from a CBI spokesman Saturday. The bank had