Canara Bank shares tumble after police file charges in new fraud casehttps://indianexpress.com/article/business/banking-and-finance/canara-bank-shares-tumble-after-police-file-charges-in-new-fraud-case-5104157/

Canara Bank shares tumble after police file charges in new fraud case

The case is the latest in a string of bank frauds reported to authorities in the aftermath of a sprawling $2 billion fraud that was unearthed weeks ago at Punjab National Bank.

Canara Bank shares tumble after police file charges in new fraud case
By 0405 GMT, shares in the bank were down 3.80 per cent at 254.15 rupees after earlier falling to a low of 250 rupees.

Shares in Canara Bank in Mumbai tumbled more than 5 percent on Tuesday morning after the country’s federal police filed charges against a former chairman of the state-run bank and others over allegations that the officials helped a company defraud the bank of about $10.5 million taken in loans over four years ago.

By 0405 GMT, shares in the bank were down 3.80 per cent at 254.15 rupees after earlier falling to a low of 250 rupees.

The case is the latest in a string of bank frauds reported to authorities in the aftermath of a sprawling $2 billion fraud that was unearthed weeks ago at Punjab National Bank.