India's UCO Bank dives to near 12-year low on fraud allegations

Era Infra Engineering

16/04/2018 06:42

** State-run UCO Bank  UCBK.NS  plunges as much as 18 pct to
its lowest since Aug 30, 2006
    ** India's federal police filed a case on Saturday against
bank's former chairman, several business executives alleging
criminal conspiracy that caused a loss of 6.21 bln rupees 
($94.97 mln)  urn:newsml:reuters.com:*:nL3N1RR08A
    ** Police said bank officials colluded with private
infrastructure firm Era Engineering Infra Ltd  ERCI.NS  and
investment banking firm Altius Finserve Pvt Ltd to siphon off
loans
    ** Stock posted its biggest intraday pct fall since Nov 9
2016; down over 41 pct in 12 months, as of Friday's close
    ** Over 5.4 mln shares change hands, over seven times the
30-day average of 730,344 shares

($1 = 65.3875 Indian rupees)

 ((Reuters Messaging:
krishna.vkurup.thomsonreuters.com@reuters.net))