Mumbai :The board of state-owned Allahabad Bank on Tuesday divested its MD and CEO Usha Ananthasubramanian of all powers with immediate effect, following a directive from the finance ministry after she was named in the CBI’s chargesheet in PNB fraud case.
Ananthasubramanian, was the CMD of Punjab National Bank (PNB) till May 2017. On Monday, the finance ministry had asked the boards of Allahabad Bank and PNB to take action against Ananthasubramanian and two executive directors of PNB. Shares of the bank on Tuesday tumbled 8.60 per cent to end at Rs 40.40 on BSE.