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  Business   Companies  20 Mar 2018  Canara Bank shares tumble after police file charges in new fraud case

Canara Bank shares tumble after police file charges in new fraud case

REUTERS
Published : Mar 20, 2018, 11:58 am IST
Updated : Mar 20, 2018, 11:59 am IST

Shares in the bank were down 3.80 per cent at 254.15 rupees after earlier falling to a low of 250 rupees.

Canara Bank tumbled more than 5 pc after country’s federal police filed charges against a former chairman of the state-run bank.
 Canara Bank tumbled more than 5 pc after country’s federal police filed charges against a former chairman of the state-run bank.

Mumbai: Shares in India’s Canara Bank tumbled more than 5 per cent on Tuesday morning after the country’s federal police filed charges against a former chairman of the state-run bank and others over allegations that the officials helped a company defraud the bank of about $10.5 million taken in loans over four years ago.

By 0405 GMT, shares in the bank were down 3.80 per cent at 254.15 rupees after earlier falling to a low of 250 rupees.

 

The case is the latest in a string of bank frauds reported to authorities in the aftermath of a sprawling $2 billion fraud that was unearthed weeks ago at Punjab National Bank.

Tags: canara bank, fraud case, shares
Location: India, Maharashtra, Mumbai (Bombay)