Andhra Bank rallies 5.6-pc on divestment plan

Share price  of Andhra Bank advances 5.60 percent on the exchange during mid-market trade, on Tuesday. The stock rally was led by after the state-owned lender said it will divest its stake either fully or partially in different joint venture companies.

Andhra Bank in its regulatory filing to the exchange stated that it board  at its meeting on 3rd Nov, accorded its approval for divestment of bank’s stake in full or partially in joint venture investments viz ASREC India Limited, India International Bank (Malaysia) Bhd and India First Life Insurance Company Limited.

During Mid-market trading session, share price of Andhra Bank was quoted at Rs 30.15 per share up by 5.60 percent on the NSE.  Meantime, the BSE Sensex trade higher by 136 points at 35,097-level and the broader Nifity%50 quoted at 10,557-mark, up by 33.65 points.