UCO Bank shares hit 12-year low on fraud

State-run UCO Bank’s shares plummeted to almost 12-year low on the bourses on Monday after CBI registered a case against its former chairman for cheating the lender.

During the day's trade, shares of the Kolkata-based lender on the BSE slipped by 14.32 per cent to hit a new 52-week low of Rs 19.15 per share -the lowest level since September 2006.

Shares of the state-run bank closed at Rs 20.90 per scrip -- down 6.49 per cent -- from its previous session's close. On the NSE, the bank's shares hit the lowest since August 2006. It nosedived by 17.98 per cent to a fresh 52-week low of Rs 18.25 per share. On a closing basis, the shares declined by 6.29 per cent and closed at Rs 20.85 per scrip.

The state-run lender filed a complaint with the Central Bureau of Investigation (CBI) on April 11, 2018, against Era Infra Engineering Ltd in view of irregularities reported in their accounts with the bank. "With regard to material impact, we inform that as on March 31, 2018, the Era Infra Engineering has a total exposure of Rs 757.53 crore in our bank. The account was categorised as non-performing asset since July 1, 2013 onwards," the UCO Bank said on Monday.