Allahabad Bank fell 1.44% to Rs 51.40 at 10:25 IST on BSE after the bank said it has an exposure of Rs 516.79 crore to crisis-hit Rotomac group.
The announcement was made after market hours yesterday, 21 February 2018.Meanwhile, the S&P BSE Sensex was down 92.18 points, or 0.27% to 33,752.68.
On the BSE, 88,000 shares were traded in the counter so far compared with average daily volumes of 2.82 lakh shares in the past one quarter. The stock had hit a high of Rs 51.45 and a low of Rs 50.50 so far during the day. The stock hit a 52-week high of Rs 92.50 on 12 May 2017. The stock hit a 52-week low of Rs 48.80 on 19 February 2018.
The stock had underperformed the market over the past 30 days till 21 February 2018, falling 28.22% compared with 6.35% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 33.27% as against Sensex's 0.76% rise. The scrip had also underperformed the market in past one year, falling 26.45% as against Sensex's 17.25% rise.
The mid-cap bank has equity capital of Rs 800.21 crore. Face value per share is Rs 10.
Responding to a clarification sought by exchanges on news article, "Rotomac owner flees India after taking Rs 800 crore loans", the Allahabad Bank said the Rotomac group is having an exposure from the bank since 2006.
There is an outstanding of Rs 43.09 crore to Rotomac Exim as a sole banker, Rs 314.56 crore to Rotomac Global as multiple banking and Rs 159.14 crore to Rotomac Exports as a consortium arrangement with Bank of India as a lead banker. These three loans amount to Rs 516.79 crore.
The aforesaid accounts of Rotomac group are classified as non-performing assets (NPAs) as per IRAC norms of RBI and the required provision has been made, the bank said in a regulatory filing.
The bank said the accounts of Rotomac Global and Rotomac Exports have been filed in National Company Law Tribunal (NCLT) and was admitted on 20 September 2017. The recovery process under SARFAESI is in process by the bank for the third Rotomac group company, namely, Rotomac Exim, it said.
Allahabad Bank reported net loss of Rs 1263.79 crore in Q3 December 2017 as against net profit of Rs 75.26 crore in Q3 December 2016. Total income declined 5.4% to Rs 4755.33 crore in Q3 December 2017 over Q3 December 2016.
Government of India holds 68.32% stake in Allahabad Bank (as on 31 December 2017).
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