Jammu and Kashmir Bank slumps on stressed loan report

Reuters Market Eye - Shares in Jammu and Kashmir Bank slump as much as 20 percent, its daily lower limit, to 1,470.15 rupees after newspaper Greater Kashmir reported, citing sources, that the bank is concealing 25 billion rupees ($423.62 million) worth of stressed loans, multiple dealers say.

"NPA (non-performing assets) fraud story is not factually correct," J&K Bank Chairman Mushtaq Ahmad said in an interview to news channel CNBC TV18.

A J&K Bank spokesman was not immediately reachable for comment.

J&K Bank shares down 17.29 percent as of 2:00 p.m.

(Reporting by Abhishek Vishnoi)