Syndicate Bank fell 1.29% to Rs 61 at 15:30 IST on BSE after media reports that the Central Bureau of Investigation is investigating an alleged fraud at the state-run bank involving more than Rs 1000 crore.
Meanwhile, the BSE Sensex was up 12.75 points, or 0.05%, to 24,659.23.
High volumes were witnessed on the counter. On BSE, 12.66 lakh shares were traded in the counter, compared with an average volume of 2.59 lakh shares in the past one quarter. The stock hit a high of Rs 75 and a low of Rs 69.
The report said that alleged fraud includes the use of fake bills and providing overdraft limits against non-existent life insurance policies, reports suggested. The Central Bureau of Investigation (CBI) is reportedly searching 10 locations that include bank branches and homes of bank employees.
Government of India holds 69.24% stake in Syndicate Bank (as on 31 December 2015).
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