Meanwhile, the BSE Sensex was up 113.96 points, or 0.65%, to 17,526.92.

On BSE, 3.02 lakh shares were traded in the counter as against an average daily volume of 33,898 shares in the past one quarter.

The stock hit a high of Rs 98 and a low of Rs 88.60 so far during the day. The stock had hit a 52-week high of Rs 108.80 on 19 March 2012. The stock had hit a 52-week low of Rs 69 on 4 October 2011.

The stock had outperformed the market over the past one month until 6 August 2012, rising 3.90% compared with the Sensex's 0.62% fall. The scrip had also outperformed the market in past one quarter, gaining 7.39% as against 3.46% rise in the Sensex.

Indian Depository Receipts (IDRs) are shares issued by foreign companies to list on the Indian exchanges. It gives Indian investors an opportunity to own a shares of a foreign company. Standard Chartered is currently the only IDR on Indian stock exchanges after it came out with the issue in May 2010.

On Monday (6 August 2012), the New York State Department of Financial Services (DFS) said Standard Chartered schemed with the Iranian government and hid from law-enforcement officials some 60,000 secret transactions to generate hundreds of millions of dollars in fees over nearly 10 years.

New York's top bank regulator threatened to strip the state banking licence of Standard Chartered, saying it was a rogue institution that hid $250 billion in transactions tied to Iran, in violation of US law.

Reports suggest that the loss of a New York banking license would be a devastating blow for a foreign bank, effectively cutting off direct access to the US bank market. Standard Chartered processes $190 billion every day for global clients, the New York bank regulator said.

In a statement Standard Chartered said the bank does not believe the order issued by the DFS presents a full and accurate picture of the facts.

Standard Chartered clarified that the total value of transactions which did not follow the U-turn was under $14 million only. "The Group does not believe the order issued by the DFS presents a full and accurate picture of the facts. The analysis that the Group shared with all the US agencies, demonstrates that throughout the period the Group acted to comply, and overwhelmingly did comply, with US sanctions and the regulations relating to U-turn payments. As we have disclosed to the authorities, well over 99.9% of the transactions relating to Iran complied with the U-turn regulations," it said to the stock exchanges.