Shares of Andhra Bank dipped nearly 12 per cent today amid concerns over the lender's exposure to various companies whose coal blocks have been cancelled by the Supreme Court.
The bank's stock tumbled 11.67 per cent to settle at Rs 63.55 on the BSE. During the day, it dropped 14.52 per cent to Rs 61.50.
At the NSE, the scrip plunged 11.83 per cent to end the day at Rs 63.35.
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In terms of volume, 15.99 lakh shares of the company changed hands at the BSE, while over 98 lakh shares were traded at the NSE during the day.
In the process, the market valuation of the company fell by Rs 685.87 crore to Rs 3,556.13 crore.
As per media reports, the bank has exposure to more than 10 companies whose coal blocks have been cancelled by the Supreme Court.
In a major blow to the corporate sector, the Supreme Court yesterday quashed allocation of 214 out of 218 coal blocks alloted to various companies since 1993 terming it as "fatally flawed" and allowed the Centre to take over operation of 42 such blocks which are functional.
