Saturday , September 25 2021

Karnataka Bank tumbles on reporting Rs 34.16 crore fraud to RBI

The Karnataka Bank is currently trading at Rs. 66.60, down by 2.80 points or 4.03% from its previous closing of Rs. 69.40 on the BSE.

The scrip opened at Rs. 68.00 and has touched a high and low of Rs. 68.30 and Rs. 66.60 respectively. So far 240208 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 72.80 on 18-Feb-2021 and a 52 week low of Rs. 34.20 on 29-May-2020.

Last one week high and low of the scrip stood at Rs. 72.80 and Rs. 64.45 respectively. The current market cap of the company is Rs. 2076.61 crore.

The Institutions and Non-Institutions holding in the company stood 14.19% and 85.81% respectively.

Karnataka Bank has reported to the Reserve Bank of India (RBI) a fraud of about Rs 34.16 crore in credit facilities extended to IL&FS Transportation Networks, which is a dud account now. IL&FS Transportation had availed credit from it during 2016 under multiple banking arrangement in which Karnataka Bank was one of the members. During 2018, the borrowing account was classified as non-performing asset and has been fully provided for.

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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