Shares of Union Bank of India slump to 11-year low

Updated:8 months ago IST

New Delhi, Mar 23 (ANI): Union Bank of India’s shares tumbled down to 11-year low a day after the Central Bureau of Investigation (CBI) registered a case against Totem Infrastructure following a complaint by the bank. Hyderabad-based Totem Infrastructure allegedly duped Rs 1,394.43 Crores from a consortium of eight banks including UBI. The federal investigation agency has also filed charges against the company’s promoters and directors. The bank has accused the company of defrauding it for close to Rs 313 Crores. The bank’s shares fell sharply after the news broke out. The stock closed at 86.75, down 8.39 percent on the National Stock Exchange on Friday. CBI has issued a look-out circular against the defaulters to prevent them from fleeing the country.

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