UCO Bank slumps 8 per cent as govt orders forensic audit

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UCO Bank slumps 8 per cent as govt orders forensic audit
Shares in UCO Bank slumped 8 per cent as the government ordered a forensic audit on the bank. The stock was last trading at Rs 90.85 on the National Stock Exchange, down 8 per cent over its previous close.

PTI reported that the government has ordered limited forensic audit into some non-performing accounts of Kolkata-based UCO Bank to find out any irregularities in sanction of loans.

"We have ordered a limited forensic audit after complaints were filed with regards to some accounts. Those accounts have turned non-performing," official sources said.

This is the fourth public sector bank where forensic audit is being conducted after alleged cash-for-loan scam came to light with the arrest of Syndicate Bank chairman and managing director SK Jain earlier this month.
Mr Jain was arrested for allegedly receiving a bribe of Rs 50 lakh to enhance credit limits of Bhushan Steel and Prakash Industries.

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Read more about: uco bank, syndicate bank
Story first published: Wednesday, August 27, 2014, 12:18 [IST]
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