Gold Silver Reports – PNB Stock Down 9% to Kiss 52-Week – Shares opened weak at ₹107.80, then cracked 8.75 % to a 52-week low of ₹ 102.10 on the BSE.
Shares of Punjab National Bank on Tuesday slumped as much as 9 % to hit their 52-week low level in morning trade on bourses after the lender said the amount of fraudulent transactions could be as much as ₹12,700 crore.
Shares opened weak at ₹107.80, then cracked 8.75 % to a 52-week low of ₹ 102.10 on the BSE.
Similar movement was seen on the NSE too, where the stock opened at ₹106.80, then fell to its 52-week low of ₹102, down 8.92 % over its previous close.
Amid the multi-agency probe into the PNB scam, the state-run bank on Monday said the amount of fraudulent transactions could be ₹1,300 crore more than the current estimate of about ₹11,400 crore.
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On February 14, the bank had detected the fraud wherein billionaire jeweller Nirav Modi and associates had allegedly acquired fraudulent letters of undertaking (LoUs) from one of the branches of the PNB for overseas credit from other Indian lenders.
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”…We have to inform that quantum of reported unauthorised transactions can increase by USD 204.25 million (approximately),” the filing said.
At the current exchange rate, the amount comes to around₹1,323 crore. – Goldman Neal Bhai Reports – INDIA
