Shares of the state-owned Allahabad Bank declined 14% intraday fall in trade on Monday on the NSE. The steep decline comes after the lender reported a scam of over Rs.1774-Cr by Bhushan Power&Steel to RBI.
In the last week, Punjab National Bank (PNB) also reported a fraud of Rs3,805.15-Cr by the same Bhushan Power&Steel. Both of the Banks in their filing said that Bhushan Power&Steel misappropriated bank funds, and manipulated accounts books to raise funds from the consortium of banks.
Stocks Review: Shares of Allahabad Bank are trading at Rs42.25, down by Rs.4.90 or 10.29% from its last closing of Rs47.15 on the NSE during mid-market at 12.15pm. The stock opened at Rs41.70 and has touched an intraday high at Rs.43.30 and low of Rs40.35.
Shares of PNB are trading at Rs72.85, down by Rs.2.55 or 3.38% from its last closing of Rs75.40 on the NSE at the same time. The stock opened at Rs75 and has touched an intraday low of Rs72.70.
Meanwhile, the benchmarks indices bounced back from the morning gains and trade flat with Sensex at 38715.78 down 20.45 points and the Nifty stood at 11538.30 down 14.20poits at 12.20pm.