Union Bank Slumps On Report Of Loan Fraud
Shares of the Mumbai-based government-owned bank fell as much as 8.76 percent, the most in over a month, to Rs 86.40.
A bank fraud came to light with the CBI filing a case against Hyderabad-based Totem Infrastructure Ltd for allegedly defrauding a consortium of eight banks led by Union Bank of India (UBI) to the tune of Rs 1,394 crore, news agency IANS reported.