MUMBAI: Shares of LIC Housing Finance were under pressure after reports surfaced that Central Bureau of Investigation raided the offices of the finance company in connection with an alleged multi-crore home loans scandal.
The scrip plunged 20.34 per cent to Rs 1042.60 on the NSE. It touched a low of Rs 1031.10 in trade so far.
Shares of Central Bank of India were also under pressure on the same issue. However, S Shridar, CMD, Central Bank of India denied any such raids at any of the bank’s branches. He said to ET Now that none of the bank’s officials were contacted by the investigative agency regarding any home loan scam.
The scrip fell 10.30 per cent to Rs 193 on the BSE. It touched a low of Rs 191.40 in trade so far.
Shares of Money Matters Financial Services were also facing selling pressure. The scrip tanked 20.15 per cent to intraday low of Rs 533.80 on the NSE.
Recent Reports:
The CBI has arrested eight people including senior executives of different banks whose executives gave loans to private builders in exchange for bribes.
Among those arrested: the Chief Executive Officer (CEO) of LIC Housing Finance; the General Manager of Central Bank of India; the Deputy General Manager of Punjab Bank in Delhi; and the Chairman and Managing Director (CMD) of Money Matters.
The CBI conducted raids in five different cities - Mumbai, Delhi, Chennai, Jaipur, Kolkata and Jalandhar.
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