Karnataka Bank Ltd reports to RBI fraud in credit facilities extended to IL&FS Transportation Networks Ltd

Karnataka Bank Ltd has reported to RBI a fraud in the credit facilities extended earlier to IL & FS Transportation Networks Ltd (Scrip Code: 533177, IL&FSTRANS) with an outstanding balance of Rs. 34.16 crore (Defaulted entity).

The above entity had availed credit facilities from us during 2016 under multiple banking arrangement wherein, our Bank was one of the member Banks and during 2018, the borrowing account was classified as Non-Performing Asset and has been fully provided for. As such, no impact on the financials of the Bank going forward.

Shares of KARNATAKA BANK LTD. was last trading in BSE at Rs.69.4 as compared to the previous close of Rs. 69.9. The total number of shares traded during the day was 620133 in over 2069 trades.

The stock hit an intraday high of Rs. 72.5 and intraday low of 67.45. The net turnover during the day was Rs. 43469732.

Source : Equity Bulls

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