Shares of Union Bank of India today tumbled over 9 % to hit a one-year low amid concerns over losses incurred in a ₹1,394-crore loan fraud case.
The stock plunged 9.13 % to ₹ 86.05 to hit its 52-week low on BSE.
On NSE, shares of the company dove 9.13 % to hit its one-year low of ₹ 86.05.
The CBI has booked a Hyderabad-based construction and infrastructure company for allegedly defrauding a consortium of eight banks to the tune of over ₹ 1,394 crore, officials said yesterday.
Totem Infrastructure, which worked as a sub-contractor for several major infrastructure companies, and its promoters Tottempudi Salalith and Tottempudi Kavita were named in a CBI FIR, registered on the basis of a complaint from Union Bank of India, one of the eight banks, they said.
The bank alleged in the complaint that it suffered a loss of ₹313.84 crore as the loans given to the company had become NPA in June, 2012.
They said the total dues towards the consortium stand at ₹ 1,394.43 crore.
The BSE had on Friday sought clarification from Union Bank of India with respect to news that CBI filed Rs 1,394 crore bank fraud case on UBI complaint.
