DCB Bank plunges 6% on report of SFIO seeking cancellation of banking licence

DCB Bank plunges 6% on report of SFIO seeking cancellation of banking licence

Shares of DCB Bank plunged around 6 percent in morning trade as investors reacted to buzz of an appeal to cancel its banking licence.

According to a report by The Hindu Business Line, the Serious Fraud Investigation Office (SFIO) has asked for cancellation of banking licence on the back of its allege involvement in the NSEL scam.

The report further added that India Infoline Commodity (IICL) had tied up with the lender to ask its clients to enrol with IICL for trading on NSEL. The bank reportedly did not take clearance of the RBI for this deal

At 09:25 hrs DCB Bank was quoting at Rs 179.10, down Rs 6.05, or 3.27 percent, on the BSE. It touched an intraday high of Rs 181.75 and an intraday low of Rs 172.50.

[“source=moneycontrol”]