UCO Bank shares sink nearly 9% as Financial Minister orders forensic audit

Aug 27 2014, 15:20 IST
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This is the fourth public sector bank where forensic audit is being conducted after alleged cash-for-loan scam. (Reuters) This is the fourth public sector bank where forensic audit is being conducted after alleged cash-for-loan scam. (Reuters)
SummaryShares of UCO Bank plunged nearly 9 per cent today as the government ordered limited forensic audit...

Shares of UCO Bank plunged nearly 9 per cent today as the government ordered limited forensic audit into some of its non-performing accounts.

Following this, the bank's scrip tumbled 8.74 per cent to Rs 89.75 on the BSE.

On the NSE, it slumped 8.69 per cent to Rs 89.75.

The government has ordered limited forensic audit into some non-performing accounts of Kolkata-based UCO Bank to find out any irregularities in sanction of loans.

"We have ordered a limited forensic audit after complaints were filed with regards to some accounts. Those accounts have turned non-performing," official sources said yesterday.

This is the fourth public sector bank where forensic audit is being conducted after alleged cash-for-loan scam came to light with the arrest of Syndicate Bank Chairman and Managing Director S K Jain earlier this month.

The gross non-performing assets (NPAs) of the state-run UCO bank stood at Rs 6,346.32 crore at the end of June. In percentage terms it was 4.31 per cent of the total advances. At the same time, net NPA of the bank stood at Rs 3,344.02 crore.

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