 "Punjab National Bank hits over 6-year low")
Punjab National Bank (PNB) has fallen over 6-year low at Rs 69.25, down 5% on the National Stock Exchange (NSE) after the public sector lender declared a list of 904 wilful defaulters that owe close to Rs 11,000 crore to the bank. The stock hit its lowest level since March 2009 in intra-day trade today.
According to PTI reports, the bank has dragged many wilful defaulters to legal forums like Debt Recovery Tribunal to get back money that is due to the lender. Going by the list put out by PNB, some of the prominent defaulters include Winsome Diamonds & Jewellery, which owes Rs 900 crore, followed by Forever Precious Jewellery & Diamonds Rs 748 crore, Zoom Developers Rs 410 crore, and S Kumar Nationwide Rs 147 crore. CLICK HERE TO READ FULL REPORT.
According to PTI reports, the bank has dragged many wilful defaulters to legal forums like Debt Recovery Tribunal to get back money that is due to the lender. Going by the list put out by PNB, some of the prominent defaulters include Winsome Diamonds & Jewellery, which owes Rs 900 crore, followed by Forever Precious Jewellery & Diamonds Rs 748 crore, Zoom Developers Rs 410 crore, and S Kumar Nationwide Rs 147 crore. CLICK HERE TO READ FULL REPORT.
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In past two weeks, the stock has declined 27% from Rs 94.30 on February 8, after the bank’s said the gross non-performing assets (NPAs) or bad loans increased to 8.47% of gross advances during the December 2015 quarter, against 5.97% a year ago. Net NPAs rose to 5.86% of net advances, from 3.82%.
Thus far in 2016, the stock tanked 40% as compared to 10% decline in the Nifty 50 index.
At 09:58 AM, the stock was down 2.3% at Rs 71 on the NSE. A combined 3.61 million shares changed hands on the counter on the NSE and BSE.