SBI Shares Extend Losses On Kanishk Gold Rs 842 Crore Fraud

A day after posting losses, State Bank of India (SBI) shares posted heavy gains again on the news of alleged fraud amounting to around Rs 842 crore. The stock of largest lender was the biggest loser as its shares lost 2.46% on Thursday, a day after media reported the news of an alleged fraud amounting to Rs 842 crore. On NSE also, the state bank of India shares fall 2.62% to close at Rs 241.50

According to a media report, Kanishk Gold has defrauded a loan amount worth Rs. 842.15 crore, lent by a SBI-led consortium of 14 public and private banks. State Bank of India has allegedly filed a complaint to the Central Bureau of Investigation (CBI) flagging the case, media report had added.

While State Bank of India (SBI) shares fell, two other banking stocks posted losses. ICICI Bank shares fell over 2% on BSE on Thursday while Axis Bank shares also fell over 1%.

At the same time, the shares of IndusInd Bank and HDFC Bank posted gains. The IndusInd Bank scrip closed 1.29% higher and HDFC Bank shares rose 0.57% on BSE.

On Thursday, another bank fraud amounting to Rs 1,394 crore come to light when the CBI filed a case against Hyderabad-based Totem Infrastructure for allegedly defrauding a consortium of eight banks led by Union Bank of India (UBI).

The Nifty bank index fell by 0.47% on Thursday. Yes Bank fell 1.11%, Canara Bank fell 1.57%, Punjab National Bank (PNB) fell 1.84% and IDFC Bank shares fell 0.41%.