The shares of Indian Bank, Syndicate Bank and IDBI Bank rallied in the early trade on Friday, following a CBI probe against former Aircel promoter C Sivasankaran and the CEOs of Syndicate Bank and Indian Bank for allegedly defaulting on loans worth Rs 600 crore taken from IDBI Bank. Indian Bank shares were trading 2% up at Rs 320.1 on BSE, while Syndicate Bank shares were trading higher at Rs 54.45, up by 2.75% in the morning trade on BSE. IDBI shares too gained in the morning trade to Rs 68.8, up by more than 3.3%.

Meanwhile, the CBI has named at least 15 bank officials who worked at senior levels at IDBI Bank in 2010 and 2014 when loans were sanctioned to the companies controlled by Sivasankaran in its FIR registered on a complaint from the Central Vigilance Commission, according to a PTI report. The report said that IDBI Bank CMD M S Raghavan has also been named in the FIR. The agency carried out searches at 50 locations, including the residences of former senior IDBI Bank officials.

Apart from these banks in focus, Axis Bank shares zoomed 5% to Rs 519.2, despite reported its first ever quarterly loss in the latest quarter. Axis Bank yesterday reported its first ever quarterly loss since listing at Rs 2,188.74 crore for the quarter ended March 2018. Notably, the third largest lender has also skipped paying out any dividends for the first time in 10-years. On the assets front, at the end of 31 March 2018, Axis Bank’s gross and net NPAs have increased to 6.77% and 3.40% from 5.28% and 2.56% as on 31 December 2017, respectively. Further, the bank has recognised slippages of Rs 16,536 crores during Q4FY18.

Yes Bank shares extended their rally for the second consecutive day, zooming to Rs 358.15, up by more than 1.7%. Yes Bank shares had rallied by more than 9% yesterday on strong Q4 results. The major private lender churned out better-than-expected results for the March quarter as profit rose 29 per cent yoy to Rs 1,179.40 crore, higher than Rs 1,065 crore estimated by analysts in an ET Now poll. It had reported Rs 914 crore profit in the same quarter last year.