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Syndicate Bank falls after RBI imposes penalty of Rs 75 lakh on the Bank

Syndicate Bank is currently trading at Rs. 24.10, down by 0.45 points or 1.83% from its previous closing of Rs. 24.55 on the BSE.

The scrip opened at Rs. 24.00 and has touched a high and low of Rs. 24.45 and Rs. 24.00 respectively. So far 22259 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 46.60 on 02-Apr-2019 and a 52 week low of Rs. 24.00 on 15-Oct-2019.

Last one week high and low of the scrip stood at Rs. 25.85 and Rs. 24.00 respectively. The current market cap of the company is Rs. 6481.19 crore.

The promoters holding in the company stood at 78.48%, while Institutions and Non-Institutions held 10.05% and 11.47% respectively.

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 75 lakh on Syndicate Bank for non-compliance with the directions issued by RBI on frauds classification and reporting; innovative housing loan products wherein upfront disbursal of loans is done.

Syndicate Bank is one of the oldest and major commercial banks of India.