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Shares of state-run Allahabad Bank slump as much as Rs 14.4 per cent to Rs 40.35. This has been their biggest intra-day percentage loss since November 13, 2018.
The bank, on Saturday, became the second state-owned bank to report a major alleged fraud by bankrupt steelmaker Bhushan Power & Steel Ltd this month.
Bhushan Power and Steel was among the first 12 companies referred by the Reserve Bank of India (RBI) to a bankruptcy court for a debt resolution process under the new insolvency law
Over 3.8 million Allahabad Bank shares change hands in early trade versus the 30-day average volume of about 5.19 million shares.
The stock was up 2.3 per cent this year as of last close.
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