Simbhaoli Sugars bank loan fraud: Company's shares plunge 20% to 52-week low

New Delhi: Shares of Simbhaoli Sugars plunged 20 percent on Monday as CBI registered a case against the company, its chairman Gurmit Singh Mann, deputy MD Gurpal Singh and others in connection with an alleged bank loan fraud of Rs 97.85 crore. The stock tanked 19.88 percent to Rs 13.50 - its 52-week low - on BSE. [caption id=“attachment_4367509” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] At NSE, shares of the company plummeted 19.94 percent to touch its one-year low of Rs 13.45. Simbhaoli Sugars is one of the largest sugar mills in the country. BSE has sought clarification from the company on this issue. The CBI yesterday carried out searches at eight premises including residences of the directors, factory, corporate office and registered office of the company in Delhi, Hapur and Noida, CBI spokesperson Abhishek Dayal had said. The lender, Oriental Bank of Commerce (OBC), complained to the CBI on 17 November, 2017, but the agency registered a case of criminal conspiracy and cheating under the Prevention of Corruption Act on 22 February. Shares of OBC also plunged 12.52 percent to Rs 92.50 - its one-year low - on BSE.