India's Tamilnad Mercantile Bank down after failing to file financial statements

Tamilnad Mercantile Bank

03/07/2023 05:52

** Shares of Tamilnad Mercantile Bank  TAMI.NS  fall as much as
8.1% to 402.35 rupees, marking their worst intraday pct fall
ever
    ** Stock touches lowest level since April 24, but has mostly
pared losses and is last down ~3%
    ** According to media reports, the Income Tax department has
said the bank has not filed a statement of financial
transactions pertaining to cash deposits of over 27 bln rupees
($330.1 mln) involving more than 10,000 accounts
    ** Responding to the reports, the bank said a few specified
financial transactions returns were not filed and certain errors
or deficiencies were observed in few of the filed returns
    ** Nearly 300,000 shares change hands in early trading, 3.8x
30-day avg - Refinitiv data
    ** As of last close, stock down 8.5% YTD 

($1 = 81.7850 Indian rupees)

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))