OBC may decline to Rs 216, says Tulsian

SP Tulsian of sptulsian.com told CNBC-TV18, "A couple of weeks back 81 lakh shares of Oriental Bank of Commerce (OBC) were allotted to the government at Rs 185 apiece; since then the share has come into the negative, because probably people are not very happy that dilution is happening against the book value of Rs 450."

He further added, "The mid-sized PSU banks like OBC, Union Bank, Allahabad Bank, Andhra Bank, Syndicate Bank have all been seeing the liquidation or the profit booking coming in. Same thing continues on OBC also and I expect that probably Rs 216 level can be seen in the near-term."