Andhra Bank hits 14-yr low as ED files chargesheet against ex-bank official

The stock tanked 13% to Rs 33.60 on the BSE in intra-day deal, quoting at its lowest level since May 17, 2004.

Shares of Andhra Bank hit almost 14-year low to Rs 33.60, falling 13% on the BSE in early morning trade, after the media report suggested that the Enforcement Directorate (ED) on Friday filed a chargesheet against a former director of the state-owned bank in an alleged Rs 50 billion bank fraud case involving a Gujarat-based pharma firm. The stock is trading at its lowest since May 17, 2004, when it touched Rs 30 during intra-day trade.

The chargesheet, filed through ED's special public prosecutor Nitesh Rana, alleged that during the probe, the agency came across "certain entries" in a diary