After the lender reported fraud of over Rs 1,774 crore on Saturday by Bhushan Power to the Reserve Bank of India, shares of Allahabad Bank plunged nearly 15 per cent on Monday.
While benchmark BSE Sensex was trading 174 points, or 0.45 per cent, up at 38,910.34, the scrip slipped as much as 14.52 per cent to Rs 40.30 in early trade.
In a regulatory filing, the public sector bank said on the basis of forensic audit investigation conclusions and CBI filing FIR against the company and its directors alleging distraction of funds from banking system by Bhushan Power and S,teel (BPSL) a fraud of Rs 1,774.82 crore has been reported by the bank to the Reserve Bank.
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The BSE Bankex index was almost flat at 34601.92 at around 9.30 am (IST). Allahabad Bank has already made provisions amounting to Rs 900.20 crore against revelation of the bank in BPSL, it said.