Oriental Bank of Commerce plunged on alleged fraud. The lender’s stock fell as much as 12.7 per cent to Rs 92.60, lowest since June 16, 2016.
India's federal police had said on Sunday it had filed a fraud case against the executives of Simbhaoli Sugars Ltd for causing alleged losses of Rs 109 crore ($16.85 million) to the state-run bank. Shares of Simbhaoli Sugars fell as much as 19.94 per cent to Rs 13.45, lowest since November 9, 2015.
Over 22 million Oriental Bank shares changed hands in one hour of trade, compared with 30-day average of 3.4 million. The stock posted its biggest intraday percentage drop since August 2015.