UCO Bank hits new low
By
Ruma Dubey
about 7 years ago
UCO Bank is holding on to its position as the top loser on the BSE since opening bell. The stock hit a new low today at Rs.19.15.
The stock has tanked as news broke that CBI will soon to grilling the former Chairman and MD of UCO Bank. This pertains to the ongoing probe into the alleged Rs.737 crore bank loan fraud case. The total fraud amount was pegged at Rs.621 crore and the loss to the bank is at Rs.737 crore.
The CBI has filed a case against Era Engineering Infra India Ltd (EEIL), its CMD Hem Singh Bharana, two chartered accountants -- Pankaj Jain and Vandna Sharda -- and Pawan Bansal of Altius Finserve Pvt Ltd among others.