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UCO Bank shares slip 4% in fag-end trade; here's why

UCO Bank shares slip 4% in fag-end trade; here's why

UCO Bank share price: The stock fell 3.50 per cent to hit an intraday low price of Rs 56.50 on Thursday. The stock eventually settled 1.66 per cent lower at Rs 57.58.

Prashun Talukdar
Prashun Talukdar
  • Updated Mar 7, 2024 6:04 PM IST
UCO Bank shares slip 4% in fag-end trade; here's whyUCO Bank share price: The Central Bureau of Investigation (CBI) has conducted raids at certain locations of UCO Bank.

Shares of UCO Bank Ltd fell 3.50 per cent to hit an intraday low price of Rs 56.50 on Thursday. The stock eventually settled 1.66 per cent lower at Rs 57.58. Today's downtick in the share price towards the end of session came after it was reported that the Central Bureau of Investigation (CBI) has conducted raids at certain locations of the bank in relation to a scam.

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"The CBI has conducted searches at 67 locations in seven cities of Rajasthan and Maharashtra in connection with the Rs 820-crore IMPS scam in UCO Bank," news agency PTI reported citing officials. The PSU is yet to issue an official statement on the CBI raids.

The case pertains to over 8,53,049 IMPS (Immediate Payment System) transactions that took place between November 10 and November 13 last year in the bank.

"IMPS inward transactions initiated from around 14,600 account holders of seven private banks were wrongfully posted in the accounts of over 41,000 UCO Bank account holders. This resulted in Rs 820 crore being credited to UCO Bank accounts without actual debiting from the originating banks," a CBI spokesperson told PTI.

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This is the second round of searches. "Earlier in December 2023, searches were conducted at 13 locations involving private individuals and UCO Bank officials in Kolkata and Mangalore," the spokesperson added.

On BSE, around 28.94 lakh shares changed hands today. The figure was higher than the two-week average volume of 20.99 lakh shares. Turnover on the counter came at Rs 16.86 crore, commanding a market capitalisation (m-cap) of Rs 68,842.41 crore.

The counter's 14-day relative strength index (RSI) came at 53.46. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 40.96 against a price-to-book (P/B) value of 2.65. Earnings per share (EPS) came at 1.43 with a return on equity (RoE) of 6.47.

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(With inputs from PTI)

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Mar 7, 2024 4:17 PM IST
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