Gold Silver Reports (GSR) – Andhra Bank Plunges 14%, Falls Most In Over Two Years — Shares of the Hyderabad-based government-owned lender fell as much as 14 percent, the most in over two years, to Rs 33.20, also its lowest level in over 13 years.
The Enforcement Directorate (ED) which had arrested its former director Anup Prakash Garg in January for receiving bribes from the Sterling Biotech, laundered the money through shell companies arranged by Kolkata-based entry operators, The Hindu newspaper reported citing an ED official.
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The report added that during Garg’s tenure Sterling Biotech got Rs 235 crore in loans from Andhra Bank and he received over Rs 1.52 crore during 2009-2010 for facilitating the loan. – Neal Bhai Reports (NBR) INDAI
