UCO Bank shares fall on report of forensic audit
Shares of public sector UCO Bank fell as much as 8.39% to Rs90.10
Mumbai: Shares of UCO Bank fell as much as 8.39% to ₹ 90.10 on Wednesday morning after Press Trust of India reported that the government has ordered a forensic audit at the state-owned lender.
At 10.13am, UCO Bank lost 7.42% at ₹ 91.05 on BSE, while India’s benchmark Sensex gained 0.48% to 26,569.85 points.
“The government has ordered a limited forensic audit into some non-performing accounts of Kolkata-based UCO Bank to find out irregularities, if any, in sanction of loans," the report had said.
The government has recently ordered forensic audits in three state-owned banks — Syndicate Bank Ltd, Oriental Bank of Commerce and Dena Bank — after the chairman and managing director of Syndicate Bank was arrested on charges of extending credit in return for bribes.
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