Andhra Bank shares closed at Rs35.85, down 6.88% on BSE, while the Sensex closed 1.83% up at 33,917.94 points. The ED chargesheet named the former Andhra Bank director in an alleged Rs 5000 crore bank fraud involving Gujarat-based pharma firm Sterling Biotech Pvt Ltd. Sterling Biotech Ltd hit the 5% lower circuit to Rs2.76 a share on Monday. Garg served as director from October 2006 to October 2009, during which Sterling Biotech got Rs 235 crore in credit facilities from Andhra Bank, The Hindu newspaper reported. India’s banking shares have remained under pressure since last month after the surfacing of a $2 billion fraud at public sector Punjab National Bank. IDBI Bank Ltd declined 10%, Oriental Bank of Commerce 6%, Union Bank of India 6%, Bank of India 5.8%, Syndicate Bank 3.8%, Allahabad Bank 3.6%, Canara Bank 3.2%, Indian Bank 2%, Bank of Baroda 2%, State Bank of India 1.6%.

Source: Mint March 12, 2018 10:41 UTC