Allahabad Bank stock drops 8 pc after reporting Rs 1,775-cr fraud

Allahabad Bank is the second state-owned lender to report a fraud by Bhushan Power and Steel Ltd (BPSL), to the RBI.

Budget impact: Investor wealth down by Rs 5 lakh crore

"Monday's the market fall has been due to a combination of global and domestic factors.

At present, the case is at NCLT which is in advance stage and the Bank expects good recovery in the account.

The reserve price for the six non performing assets (NPAs) has been fixed at Rs 342 crore.

Taken overall, there is a broad consistency of evidence, Judge Ingrid Simler noted.

He was produced before Judge Arbuthnot for the first case management hearing in the case.

Q4 sees 65 per cent reduction in loss despite steep provisioning.

Stock of PNB traded at Rs 88.10 on BSE, down 1.34 per cent from its previous close.

This could be the one of the first decisions to be taken by the new government after election results are announced on May 23.

Based on this complaint police are now investigating. Meanwhile, the PNB branch has started working, to the relief of its customers.