)
UCO Bank has tanked 8% to Rs 90.10 on National Stock Exchange (NSE) after PTI reports that the government has ordered limited forensic audit into some non-performing accounts of state-owned bank to find out any irregularities in sanction of loans.
The stock opened at Rs 91.80 and touched high of Rs 93.40 so far. The counter has seen huge trading activity with a combined 5.03 million shares changing hands in early morning trades on NSE and BSE.
Meanwhile, since the announcements of June quarter earnings, the stock has underperformed the market by falling 16% from Rs 108 on July 24. The benchmark CNX Nifty gained 1.4% during the same period.
As on June 30 2014, the bank’s gross non-performing assets (NPAs) stood at Rs 6,346 crore. In percentage terms, it was 4.31% of the total advances. At the same time, net NPAs of the bank stood at Rs 3,344 crore, added report.
The bank sold NPAs worth Rs 1,545 crore during the fourth quarter of 2013-14. This was almost five times the value of bad loans it sold in the previous three months.
The stock opened at Rs 91.80 and touched high of Rs 93.40 so far. The counter has seen huge trading activity with a combined 5.03 million shares changing hands in early morning trades on NSE and BSE.
Meanwhile, since the announcements of June quarter earnings, the stock has underperformed the market by falling 16% from Rs 108 on July 24. The benchmark CNX Nifty gained 1.4% during the same period.
As on June 30 2014, the bank’s gross non-performing assets (NPAs) stood at Rs 6,346 crore. In percentage terms, it was 4.31% of the total advances. At the same time, net NPAs of the bank stood at Rs 3,344 crore, added report.
The bank sold NPAs worth Rs 1,545 crore during the fourth quarter of 2013-14. This was almost five times the value of bad loans it sold in the previous three months.
