Since August 30, 2006, it has been observed that the shares of state-run lender UCO Bank went down 18 per cent to hit its lowest. On Saturday, the CBI booked the former CMD of UCO Bank, Arun Kaul and others for allegedly cheating the bank to the tune of Rs 621 crore.
CBI is also carrying out searches at 10 locations. Eight out of these ten locations are in Delhi and two are in Mumbai. CBI is investigating here regarding this connection according to the reliable sources.
The CBI has alleged that the accused persons in pursuance of criminal conspiracy defrauded the UCO Bank to the tune of Rs 621 crore by diversion and siphoning of the bank loans.
Due to this reason, the stock posted its biggest intraday percentage fall since November 9, 2016, according to the reports. As per the Friday’s close, the stock is down over 41 per cent in 12 months.
On NSE, at 01:04 am, shares of the bank were trading at Rs 20.50 apiece, down 8 per cent.