Syndicate Bank shares down 2% as CBI carries out searches

Volume-wise, 12.98 lakh shares of the company changed hands at BSE and over 1 crore shares were traded at NSE during the day

Syndicate Bank's scrip fell two per cent on Tuesday as the Central Bureau of Investigation (CBI) carried out searches at 10 locations, spread in three cities after registering a case of alleged loan fraud estimated to be around Rs 1,000 crore in the firm.

Shares of the company went down 2.02 per cent to settle at Rs 60.55 on BSE exchange. During the day, it dipped 4.85 per cent to Rs 58.80.

Read more from our special coverage on "SYNDICATE BANK"

• CBI probing alleged Rs 1,000 crore fraud at state-run Syndicate Bank

At National Stock Exchange, the stock was down 1.94 per cent to close at Rs 60.65.

Volume-wise, 1,298,000 shares of the company changed hands at BSE and over 10 million shares were traded at NSE during the day.

CBI sources said the searches are being carried out at 10 locations at the residences and official premises of senior executives of the bank and some private individuals allegedly involved in the scam.