Andhra Bank has disappointed Investors once again

Andhra Bank has posted a net profit of Rs 77.62 crores for the quarter ended June 30, 2008 as compared to Rs 141.08 crores for the quarter ended June 30, 2007. Total Income has increased from Rs 1101.90 crores for the quarter ended June 30, 2007 to Rs 1276.03 crores for the quarter ended June 30, 2008.

After the follow on issue Andhra Bank is continuously failing to give profits to it's Investors year after year. Andhra Bank has issued shares in the follow on issue on 16th Jan'08 with a price band of Rs.82-90 and issued shares at higher price band. After the follow on issue the Andhra Bank share price touched the peak level of Rs.129.80 only once in Jan'07 after that there is rise in share price.

Andhra Bank shares are trading at Rs.56.00. Still it is huge loss to Investors.