Allahabad Bank hits 52-week high; surges 41% in one month

The stock hit a 52-week high of Rs 58.20, up 6.5 per cent on the BSE in otherwise subdued market.

Shares of Allahabad Bank hit a 52-week high of Rs 58.20, up 6.5 per cent on the BSE in an otherwise subdued market, extending its past three weeks' rally after the government announced capital infusion of Rs 6,896 crore in the bank.

The Reserve Bank of India (RBI) took Allahabad Bank out of the prompt corrective action (PCA) framework, following an improvement in the financial ratios after a fresh round of capital infusion.

In the past one month, the stock of state-owned lender has outpaced the market by surging 41 per cent from level of Rs 41.20. In