ANDHRA BANK’S STOCK HITS 15-YEAR LOW

New Delhi, March 12: Shares of Hyderabadbased Andhra Bank plunged to 15-year low after the Enforcement Directorate filed a chargesheet against its former director Anup Garg in an alleged bank fraud case involving a Gujarat-based pharma firm. The stock slumped 6.88 per cent to end at `35.85 on BSE.

The charge sheet alleged that during the probe the agency came across “certain entries” in a diary seized by the income-tax officials in 2011 which showed payments totalling about `1.52 crore made to one “Mr Garg, director, Andhra Bank” by Chetan Jayantilal Sandesara and Nitin Jayantilal Sandesara, directors Sterling Biotech, between 2008 and 2009.