The Supreme Court has cancelled the allocation of 204 coal blocks. This has made the banking sector nervous, raising fears that the move may add to their bad debt problem.
Have little exposure to JP group
CVR Rajendran
CMD
Andhra Bank
In an interview to CNBC-TV18, CVR Rajendran, CMD, Andhra Bank , says the bank has exposure worth Rs 4,346 crore to 14 companies impacted by the SC ruling.
Also Read: Coalgate verdict: Background, implications and road ahead
He says the bank can look for restructuring of assets, if required. So far the court has given a 6-month breather. In case the government comes out with a coal allocation policy within that stipulated time, and if the coal blocks get re-allocated to these companies, then the move may not have a major impact on the bank's balance sheet, says Rajendran.
Andhra Bank stock price
On September 25, 2014, at 14:14 hrs Andhra Bank was quoting at Rs 66.15, down Rs 5.8, or 8.06 percent. The 52-week high of the share was Rs 110.00 and the 52-week low was Rs 51.45.
The company's trailing 12-month (TTM) EPS was at Rs 5.28 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 12.53. The latest book value of the company is Rs 148.19 per share. At current value, the price-to-book value of the company is 0.45.
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