Union Bank Shares Hit 11 Year Low Amid Rs 1,394 Crore Fraud News

Written By:
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    On Thursday, PTI reported CBI (Central Bureau of Investigation) registering a case against Hyderabad-based Totem Infrastructure and its promoters for allegedly defrauding Union Bank of India to the tune of Rs 313 crores.

    Union Bank Shares Hit 11 Year Low Amid Rs 1,394 Crore Fraud News

    The total fraud amount is estimated to be Rs 1,394 crores lent by eight banks including the Union Bank of India.

    Following this news, the stocks of the Mumbai-headquartered, state-owned bank crashed as much as 9.13% to Rs 86.05 on NSE today. It was last found to be at this level in March 2007.

    The stock declined 39 percent so far this year and a loss of 41 percent in the past 52 weeks.

    It is alleged that the loans taken from the banks for various projects were diverted for purposes other than they were meant for and to personal accounts of the promoters, as per PTI reports.

    Read more about: union bank
    Story first published: Friday, March 23, 2018, 13:31 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more