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UCO Bank tanks 18% after CBI books ex-CMD in Rs 621-cr fraud case

Press Trust of India  |  New Delhi 

Shares of plunged nearly 18 per cent in morning trade after the CBI booked Kaul, former chairman-cum-managing of the lender, and others in connection with an alleged Rs 621-crore loan

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.

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

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

It is alleged that the accused persons in pursuance of a criminal conspiracy defrauded the to the tune of about Rs 621 crore 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. 11:20 IST
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