M/s. Hanung Toys and Textiles Ltd. (borrowing account) dealing with us since 2008 had availed various credit facilities under Consortium Arrangement wherein, Karnataka Bank was one of the member banks. On the basis of forensic auditor's report submitted to the Consortium, some of the member banks have reported to the Reserve Bank of India (RBI) regarding fraud in the borrowing account. In line with the Consortium decision, Karnataka Bank has reported to RBI a fraud amounting to Rs. 40.39 crore in the credit facilities extended earlier to the aforesaid borrowing account (Scrip Code:532770), on account of diversion of funds. The borrowing account was classified as Non-Performing Asset in July 2015 and had been fully provided for and as such, no negative impact on the Bank's profitability at present.
Shares of KARNATAKA BANK LTD. was last trading in BSE at Rs.75.4 as compared to the previous close of Rs. 75.3. The total number of shares traded during the day was 145812 in over 404 trades.
The stock hit an intraday high of Rs. 76 and intraday low of 74.2. The net turnover during the day was Rs. 10944393.