UCO Bank causes worry

UCO Bank is the top loser of the day currently, down almost 8% at Rs.90.70, near its intra day low of Rs.89.75.

The stock has tanked today on reports on irregularities in loan sanctions, with the Finance Ministry ordering a forensic audit into its NPAs and loan sanction irregularities.  This probe was allegedly ordered  after some complaints were filed regarding a few accounts, which had turned NPAs.

This is the fourth such incidence which has come to light after Syndicate Bank last week, prior to which there was Dena Bank and Oriental Bank of Commerce.