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Market News

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    Andhra Bank spurts on value buying

    Meanwhile, the S&P BSE Sensex was down 96.36 points, or 0.28% to 33,821.58.

    On the BSE, 27.08 lakh shares were traded in the counter so far compared with average daily volumes of 8.44 lakh shares in the past two weeks. The stock had hit a high of Rs 39.80 and a low of Rs 35 so far during the day. The stock hit a 52-week high of Rs 76.10 on 5 May 2017. The stock hit a 52-week low of Rs 32.55 on 12 March 2018.

    Shares of Andhra Bank fell 9.24% in two trading sessions to settle at Rs 35.85 yesterday, 12 March 2018, from its close of Rs 39.50 on 8 March 2018.

    Shares of Andhra Bank slumped 6.88% to settle at Rs 35.85 yesterday, 12 March 2018, after media reports suggested that the Enforcement Directorate (ED) filed a supplementary prosecution complaint (charge sheet) against former Andhra Bank director Anup Prakash Garg in connection with a Rs 5000 crore bank fraud 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 bank credit 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.

    Andhra Bank issued a clarification after market hours yesterday, 12 March 2018, that it is the lead bank of the consortium in case of two group companies of Sterling Group and the bank`s exposure to these companies is Rs 578.57 crore (fund based) and Rs 568.35 crore (non fund based) as on date and not Rs 5000 crore as reported in the news publications.

    Anup Prakash Garg was the chartered accountant director nominated by the government and held office from 13 October 2006 to 12 October 2009. He was neither an employee nor a whole time director in the bank at any point of time.

    The bank`s exposure to the group companies was classified as non-performing assets since March 2015 onwards based on the conduct of the account. As on 31 December 2017, the bank`s fund-based exposure to the group companies is to the tune of Rs 515.19 crore and stands classified as non-performing asset.

    In December 2017, the bank reported the group accounts as fraud to Reserve Bank of India amounting to Rs 515.19 crore alleging diversion of funds and money laundering on the part of the companies. Andhra Bank said it has already lodged formal complaint with Central Bureau of Investigation (CBI) against the companies.

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

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