Public sector lender Indian Bank shares gained 1.7 percent in early trade on October 16 after the bank declared non-performing assets (NPAs) worth Rs 24.76 crore as frauds and reported it to the RBI. The NPAs include Rs 16.20 crore from Samsarapu Polaraju, Samsarapu Narasimha Raju, and Maheswari Constructions & Engineering Works, who have submitted fake documents and diverted funds. Further, the bank reported NPAs worth Rs 8.56 crore from S V Exports due to diversion of funds.
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