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Karnataka Bank slips on reporting fraud of Rs 40.39 crore

The Karnataka Bank is currently trading at Rs. 75.15, down by 0.20 points or 0.27% from its previous closing of Rs. 75.35 on the BSE.

The scrip opened at Rs. 74.25 and has touched a high and low of Rs. 75.50 and Rs. 74.25 respectively. So far 22373 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 141.15 on 08-Apr-2019 and a 52 week low of Rs. 68.00 on 18-Oct-2019.

Last one week high and low of the scrip stood at Rs. 78.75 and Rs. 74.20 respectively. The current market cap of the company is Rs. 2119.56 crore.

The Institutions and Non-Institutions held 25.63% and 74.37% stake respectively, in the company.

Karnataka Bank has reported a fraud of Rs 40.39 crore in the credit facilities to Hanung Toys and Textiles to Reserve Bank of India (RBI). Hanung Toys and Textiles has already been declared as non-performing borrowing account.

Hanung Toys and Textiles dealing with the bank since 2008 had availed various credit facilities under consortium arrangement wherein, Karnataka Bank was one of the member banks.

Karnataka Bank operates as a private sector bank. Its products and services include current account, demand, time, cumulative, cash certificates, insurance linked savings bank deposits, resident foreign currency accounts and senior citizens deposit schemes.

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