Union Bank shares fall 4% after Rs 7.25 crore book purchase sparks controversy

Union Bank shares fell nearly 4% after scrutiny over a Rs 7.25 crore bulk book purchase linked to ex-CEA Krishnamurthy Subramanian.

Board raised concerns over procedural lapses and unauthorised payment approval by a general manager, later suspended.

KPMG submitted a report on the transaction in January; outcome and follow-up action remain unclear.

Employee union demands full investigation, alleging top management collusion and misuse of funds harming the bank’s image.