The US President instructed US Trade Representative Robert Lighthizer to levy tariffs on at least $50 billion in Chinese imports. Trump signed an executive memo issuing the instructions on Thursday at the White House. Within 15 days, USTR will come up with a proposed list of products that will face higher tariffs, the Bloomberg report suggested. CLICK HERE TO READ FULL REPORT
Besides SBI, Union Bank of India, Bank of Maharashtra, Corporation Bank, Dena Bank and Indian Overseas Bank from the public sector banks hit 52-week lows today. Nifty PSU Bank index has hit a fresh 52-week low of 2,716, down 3% on the National Stock Exchange (NSE).
Union Bank of India tanked 8% to Rs 86.80 after the media report suggested that the Central Bureau of Investigation (CBI) on Thursday filed a case against an infrastructure company on the complaint of the state-owned bank.
The bank's industrial finance branch had filed a complaint against M/s Totem infrastructure Limited, its promoter Tottempudi Salalith and director Tottempudi Kavita, both residents of Hyderabad, and said they are absconding. The loan was declared a non-performing asset on June 30, 2012, and the complainant said that the total amount due to the consortium was Rs 13.94 billion.
The BSE said the Exchange has sought clarification from Union Bank of India with respect to "CBI Files Rs 13.94 billion bank fraud case on Union Bank of India complaint". The reply is awaited.