Shares of the Mumbai-headquartered state-owned PSU lender Union Bank of India tumbled to 11-year low as Rs 1,394 crore fraud gripped the public sector bank along with seven other bankers. According to a PTI report, the\u00a0investigative agency Central Bureau of Investigation had booked a Hyderabad-based construction and infrastructure firm Totem Infrastructure Ltd is accused of defrauding an amount worth Rs 1,394 crore lent by a consortium of eight banks including Union Bank of India. A case\u00a0has been registered against the promoters of Totem Infrastructure Ltd, Tottempudi Salalith and Tottempudi Kavita, PTI reported citing CBI FIR filed by Union Bank of India. Following the\u00a0jitters, the stock of Union Bank of India crashed as much as 9.13% to an 11-year low of Rs 86.05 on NSE\u00a0on Friday. The same level was last seen on 14 March 2007. A massive trading volume has been observed in the shares of Union Bank of India, as at 12:05 am, more than 1.92 crore shares exchanged hands on both NSE and BSE with about 1.76 crore\u00a0shares on NSE alone. Today morning, shares Union Bank of India opened 5.86% lower at Rs\u00a089.15 on NSE. Over the pessimism on the so-called fraud, all the components of the benchmark Nifty PSU Bank index were hovering in negative territory with shares of Syndicate Bank, Oriental Bank of Commerce, IDBI Bank, Bank of India, Andhra Bank, Indian Bank, Allahabad Bank and Canara Bank losing 4 to 7%. Shares of top-three PSU banks\u00a0were also in red. The stock of State Bank of India was down 3.21% to Rs 233.87, the\u00a0stock of Punjab National Bank was down 3.63% at Rs 93.05 and the shares of Bank of Baroda were down 2.2% at Rs 132 on NSE. The infra firm Totem Infrastructure Ltd is figured in the list of the biggest tax defaulters released by the Income Tax Department in 2015 with an outstanding tax of over Rs 400 crore, PTI reported.\u00a0The Union Bank of India had also alleged that the promoters of the company were untraceable, but the agency managed to track them down at their new place of residence and carried out searches there today,\u00a0PTI report said citing unidentified CBI official. The Central Bureau of Investigation has issued a Look Out Circular against the promoters of Totem Infrastructure Ltd to\u00a0obstruct them from\u00a0escaping out of the nation, the\u00a0report added. The fraud involving Union Bank of India has\u00a0come to light just two days after when India's largest bank by assets State Bank of India was gripped by another banking fraud entailing Chennai-based jeweller Kanishk Gold Pvt Ltd. Shares of State Bank of India erased all the\u00a0gains in the mid-morning deals on Wednesday when the scandal started getting reported. Broadly, India's public sector banks have been reeling under immense pressure since the time nation's second-largest PSU bank Punjab National Bank had informed about the mega banking scam involving diamond merchant Nirav Modi which is claimed as\u00a0country's biggest banking fraud so far.