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

At 10.45 am, Canara Bank shares were down 3.54% at Rs 254.85, after earlier falling to a low of Rs 250.

Canara Bank ‘s shares tumbled more than 5% on Tuesday morning after the CBI 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.

The Canara Bank loan fraud 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. (Reuters File)

At 10.45 am, Canara Bank shares were down 3.54% at Rs 254.85, after earlier falling to a low of Rs 250.

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.

| Read: Loan default case: CBI charges former Canara Bank chairman, MD for cheating, forgery