Canara Bank share price has fallen sharply today; here is why

Shares of Canara Bank cracked over 5 per cent on Tuesday after the CBI charged former Chairman-cum-Managing Director R K Dubey and two of the then executive directors of the company of cheating and forgery.

The stock tumbled 5 per cent to Rs 251 on BSE. Likewise, on NSE, shares of the company cracked 5.37 per cent to Rs 250. The stock is still up over 11 per cent from its 52-week low of Rs 225.35 hit on March 12, 2018. 

The CBI on Monday charged former Chairman-cum-Managing Director R K Dubey and two of the then executive directors of Canara Bank of cheating and forgery in the alleged loan default of over Rs 68 crore sanctioned in 2013, officials said.

In its charge sheet filed at special CBI court in Tis Hazari, the CBI has slapped charges of criminal conspiracy, cheating, forgery and provisions of the Prevention of Corruption Act on the then CMD R K Dubey, then executive directors. 

Ashok Kumar Gupta and V S Krishna Kumar, and two directors of the Occasion Silver Pvt Ltd Kapil Gupta and Raj Kumar Gupta, besides the company.