Andhra Bank up 8%, recovers from Monday's fall

Andhra Bank up 8%, recovers from Monday's fall”

Shares of other state-owned banks too rallied on optimism.

Bank of India executive director N. Damodharan said the recovery will substantially improve the bank's balance sheet, PTI reported.

"During December 2017, we have reported the Group accounts as Fraud to Reserie Bank of India amounting toRs.515.19 cr alleging diversion of funds and Money Laundering on the part of the Companies". Shares of Bank of India are up almost 13% at Rs 107.80 now. So far 2,10,28,151 (NSE+BSE) shares were traded on the counter. The bank clarified in the exchange filing that Garg "was the chartered accountant director nominated by the government under Banking Acquisition and Transfer of Undertaking Act and held office from October 13, 2006 to October 12, 2009".

Andhra Bank is now trading at Rs38.55 up by Rs2.7 or 7.53% from its previous closing of Rs35.85 on the BSE. Punjab National Bank is up with a gain of 7.5%.

Indian shares edged higher on Tuesday, with financials accounting for over half the gains, as easing retail inflation allayed concerns of a rate hike in the near term.

Bank of India shares surged over 10% to Rs106 apiece, while the Nifty PSU Bank index rose 3.3% and India's benchmark Sensex index was up 0.4% to 34,046.81 points. Since then, Nifty PSU Bank index has tanked 18%.

After the PNB loan fraud last month, the index plunged 20 per cent, while most of the 21 listed state-run banks saw steep price falls in excess of 30 per cent in the past 30 days. In the last one year, the index has lost about 9%. Punjab National Bank rose 4.2 percent and Andhra Bank gained 5.9 percent. Yes Bank, HDFC Bank and IndusInd Bank are also notably higher, while Kotak Bank is underperforming.

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