Allahabad Bank rose 4.83 per cent to close at Rs 62.90 on Tuesday after the company announced that it had entered into a memorandum of understanding with Kotak Mahindra Old Mutual Life Insurance for providing group insurance coverage to the bank’s educational loan borrowers.
The stock opened 4.2 per cent higher at Rs 62.50 and thereafter touched an intraday high of Rs 64.25 and a low of Rs 61.50. A total of 315,916 shares were traded on the counter on Tuesday as against a two-week average of 227,826 shares.
