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City Union Bank shares fell as much as 5.3 per cent to Rs 164 on Monday.
On Sunday, the CEO had said “cyber criminals” had hacked its systems and transferred nearly $2 million via unauthorised remittances to lenders overseas through SWIFT financial platform. The City Union Bank on Saturday had said it discovered three "fraudulent remittances", which were sent via correspondent banks to accounts in Dubai, Turkey and China. The disclosure comes close on the heels of Punjab National Bank last week reporting being hit by a $1.77 billion fraud, raising concerns about impact on banking sector.
At about 11.20 am, the CUB shares were down 3 per cent or Rs 5.10 at Rs 167.80 on the BSE.
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