J&K Bank shares tank on news report on window dressing of accounts
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Shares of Jammu Kashmir Bank hit 20 per cent lower circuit in trade after a media report alleged that some of the directors and officers at the bank were not declaring all the non-performing and stressed assets in its loan book.
According to the report, the bank has not classified the loan amounting to Rs 1,100 crore and given to three companies and as NPAs in its balance sheet.
These assets include Rs 650 crore loan given to a Kolkatta-based company engaged in agro and ancillary business, Rs 400 crore loan disbursed to Mumbai-based real estate company and Rs 100 crore to a Hyderabad-based company.
The report alleged that the Audit Committee of the Board has not objected to this "fraudulent balance sheet management", indicating their complicity.
At 11:00 a.m.; the stock was at Rs 1,520.15, down 17.40 per cent, on the BSE. It touched a high of Rs 1845 and a low of Rs 1472.25 in trade today. (Economic Times)
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