Canara Bank dips 5% on report of CBI filing charge sheet against ex-CMD

In past three months, the stock tanked 30% as compared to 2.3% decline in the S&P BSE Sensex.

Canara Bank has dipped 5% to Rs 251 on the BSE in early morning trade after a media report suggested that the Central Bureau of Investigation (CBI) has filed a charge sheet against ex-chairman and managing director (ex-CMD) of the state-owned bank.

“The CBI charged former Chairman-cum-Managing Director R K Dubey and two of the then executive directors of the Canara Bank of cheating and forgery in the alleged loan default of over Rs 680 million sanctioned in 2013,” the PTI report suggested. CLICK HERE TO READ FULL REPORT

Canara Bank has underperformed the market by falling 30% in past three months, as compared to 2.3% decline in the S&P BSE Sensex. It touched a 52-week low of Rs 225 on March 12, 2018 in intra-day trade.

At 10:15 am; the stock was trading 3% lower at Rs 256 against 0.27% rise in the benchmark index. A combined 5.5 million shares changed hands on the counter on the BSE and NSE so far.