March 28, 2018 / 4:51 AM / a month ago

REFILE-BUZZ-India's IDBI Bank falls after disclosing fraudulent loans worth about $119 mln

(Corrects spelling of “disbursal” in 2nd bullet point)

** Shares of lender IDBI Bank Ltd fall as much as 3.5 pct to 73.60 rupees

** Company disclosed on Tuesday fraudulent loan disbursals to the tune of 7.72 bln rupees ($118.9 mln), allegedly obtained by industrialists by submitting fake documents and inflating value of the collateral

** India’s federal investigation agency, CBI, registered two complaints filed by the company

** Lender said earlier on Tuesday it initiated a quality assurance audit, expected to be completed by April​

** Up to Tuesday’s close, stock had risen 27.4 pct this year ($1 = 64.9450 Indian rupees)

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