March 20, 2018 / 4:27 AM / 4 months ago

Canara Bank shares tumble after police file charges in new fraud case

MUMBAI (Reuters) - Shares in India’s Canara Bank tumbled more than 5 percent on Tuesday morning after the country’s federal police filed charges against a former chairman of the state-run bank and others over allegations that the officials helped a company defraud the bank of about $10.5 million taken in loans over four years ago.

A man walks past a Canara Bank office in Mumbai, India, January 24, 2018. REUTERS/Shailesh Andrade

By 0405 GMT, shares in the bank were down 3.80 percent at 254.15 rupees after earlier falling to a low of 250 rupees.

The case is the latest in a string of bank frauds reported to authorities in the aftermath of a sprawling $2 billion fraud that was unearthed weeks ago at Punjab National Bank.

Reporting by Swati Bhat; Editing by Euan Rocha

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