Oriental Bank of Commerce, Dena Bank slip on reports of scam

NEW DELHI: Oriental Bank of Commerce (OBC) and Dena Bank plunged nearly 5 per cent each in trade on Wednesday, after media reports suggested that the Union finance ministry has unearthed a scam involving public sector banks.

The ministry fears the Mumbai-based branches of Oriental Bank of Commerce and Dena Bank have misappropriated funds to the tune of Rs 436 crore, said the report.

Reacting to the news, OBS slipped as much as 4.7 per cent to hits its intraday low of Rs 261 and Dena Bank slipped 4.5 per cent to hit its respective intraday low of Rs 60.40.

At 10:10 a.m.; Dena Bank was trading 3.2 per cent lower at Rs 61.25 and OBS was down 3.3 per cent to Rs 264.95.

As per the report, the ministry has ordered a forensic audit and has referred the case involving Oriental Bank to the Central Bureau of Investigation (CBI).