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Andhra Bank plunges nearly 7%; stock hits multi-year low

Press Trust of India  |  New Delhi 

Shares of tumbled nearly 7 per cent today after the filed a charge sheet against a former in an alleged bank case involving a Gujarat-based pharma firm.

The stock slumped 6.88 per cent to end at Rs 35.85 on BSE. During the day, it dived 15.45 per cent to Rs 32.55 - its multi-year low level.

At NSE, shares of the company plunged 6.74 per cent to close at Rs 35.95.

The company's market valuation declined by Rs 231 crore to Rs 3,128.99 crore.

In terms of equity volume, 44.43 lakh shares of the company were traded on BSE and over 5 crore shares changed hands at NSE during the day.

BSE has sought clarification from on this issue.

Shares of also fell 4.83 per cent to Rs 2.76 on BSE.

The final report was filed before against under the sections of Prevention of Money Laundering Act (PMLA).

The charge sheet, filed through ED's Nitesh Rana, alleged that during the probe, the agency came across "certain entries" in a diary seized by the in 2011 which showed various payments totalling about Rs 1.52 crore made to one "Mr Garg, Director, Andhra Bank" by and Nitin Jayantilal Sandesara, directors Sterling Biotech, between 2008 and 2009.

Meanwhile, selling was also seen in other PSU bank stocks, with plunging 8.49 per cent, 3.04 per cent, 2.51 per cent, Central 2.22 per cent, PNB 0.94 per cent and State 0.12 per cent on BSE.

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

First Published: Mon, March 12 2018. 18:20 IST