April 16, 2018 / 5:43 AM / 3 months ago

BUZZ-India's UCO Bank dives to near 12-year low on fraud allegations

** State-run UCO Bank plunges as much as 18 pct to its lowest since Aug 30, 2006

** India’s federal police filed a case on Saturday against bank’s former chairman, several business executives alleging criminal conspiracy that caused a loss of 6.21 bln rupees ($94.97 mln)

** Police said bank officials colluded with private infrastructure firm Era Engineering Infra Ltd and investment banking firm Altius Finserve Pvt Ltd to siphon off loans

** Stock posted its biggest intraday pct fall since Nov 9 2016; down over 41 pct in 12 months, as of Friday’s close

** Over 5.4 mln shares change hands, over seven times the 30-day average of 730,344 shares ($1 = 65.3875 Indian rupees)

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