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Andhra Bank slumps as ED charges former director

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fell 11.95% to Rs 33.90 at 14:19 IST on on reports that the filed a charge sheet against a former of the in an alleged fraud involving Sterling Biotech.

Meanwhile, the Sensex was up 452.09 points, or 1.36% to 33,759.23.

On the BSE, 35.34 lakh shares were traded in the counter so far compared with average daily volumes of 3.67 lakh shares in the past two weeks. The stock had hit a high of Rs 37.20 so far during the day. The stock had hit a low of Rs 32.55 so far during the day, which is also a 52-week low for the counter. The stock hit a 52-week high of Rs 76.10 on 5 May 2017.

According to media reports, the (ED) filed a supplementary prosecution complaint (charge sheet) against former in connection with a Rs 5000 crore involving Sterling Biotech (SBL) of the Sandesara group of companies.

The ED reportedly claimed that the Sandesaras had paid over Rs 1.52 crore to Garg as quid pro quo for facilitating and other transactions. Garg was arrested by the ED on 12 January 2018 and is in judicial custody. The agency has attached his properties worth Rs 1.23 crore, reports added.

has yet to reply to a stock exchange notice on Monday seeking clarification on the latest complaint.

Andhra Bank reported net loss of Rs 532.02 crore in Q3 December 2017 as against net profit of Rs 56.70 crore in Q3 December 2016. Total income rose 1.61% to Rs 5093.43 crore in Q3 December 2017 over Q3 December 2016.

The (GoI) holds 69.769% stake in Andhra Bank (as per the shareholding pattern as on 31 December 2017).

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, March 12 2018. 14:23 IST
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