Market Updates
State Bank of India Approves Stock Split, Andhra Bank Plunges 12%
Mukesh Buch
25 Sep, 2014
New York City
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Andhra Bank plunged 12% on worries of loans to coal miners who are facing license cancellation. Jaypee Infratech tumbled after RPower abandoned to buy three hydropower projects. Punjab Alkalies surged after government approved divestment. SBI board approved 10-for-1 stock split.
[R]6:00 PM Mumbai – Andhra Bank plunged 12% on worries of loans to coal miners who are facing license cancellation. Jaypee Infratech tumbled after RPower abandoned to buy three hydropower projects. Punjab Alkalies surged after government approved divestment. SBI board approved 10-for-1 stock split.[/R]
The Sensex Index dropped 276.33 or 1% to close at 26,468.36 The CNX Nifty slipped 90.55 to 7,911.85.
Gainers & Losers
Andhra Bank plunged 11.7% to Rs 63.55 after the Supreme Court scrapped coal block licenses. The bank has lent nearly Rs 4,346 crore of loans to the struggling coal miners.
Jaypee Infratech Limited tumbled 13.5% to Rs 19.95 after the Reliance Power abandoned plans to buy three hydropower projects Jaiprakash Power projects the deal was about of Rs.12,500 crore.
Punjab Alkalies & Chemicals Limited surged 17.9% to Rs 42.50 after the Punjab government approved to divest its entire stake of 44.26% held by promoter Punjab State Industrial Development Corporation.
State Bank of India declined 4.4% to Rs 2,378.35 after the bank said its board approved a 10-for-1 stock split.
Sharda Cropchem Pvt Ltd climbed 3.7% to Rs 260.95 after the agrochemical producer traded on the first day of trading at Rs 254.1 per share, 62.8% premium to the public offering price of Rs 156.
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