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UCO Bank down 6% as CBI books ex-CMD in a case of Rs 621-cr fraud

Press Trust of India  |  New Delhi 

shares fell over 6 per cent today as CBI booked its former chairman-cum-managing Kaul and others allegedly for a Rs 621-crore loan fraud.

The bank's market capitalisation got eroded by Rs 1,256.95 crore to Rs 3,901.79 crore.

During the day the stock had plunged to a low of Rs 19.15, its 52-week low. At the end of trading the stock was quoted at Rs 20.90, down 6.49 per cent.

On NSE, it had fallen to 52-week low, but recovered some ground and settled at Rs 20.85, down 6.29 per cent over its previous closing price.

On April 14, the CBI booked Kaul and others in connection with an alleged Rs 621-crore loan fraud which has caused a loss of over Rs 737 crore to the

Besides Kaul, the CBI booked Era Engineering Infra Ltd. (EEIL), its CMD Hem Singh Bharana, two chartered accountants -- and -- and Pawan Bansal of among others, they said.

It is alleged that the accused in pursuance of a criminal conspiracy defrauded the by diversion and siphoning of the

Kaul, who was the CMD of a Kolkata-based bank between 2010 and 2015, allegedly facilitated the accused company in obtaining the loan.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, April 16 2018. 16:55 IST