 "PNB to close or relocate up to 300 branches")
In what may turn out to be one of the biggest scams in Indian corporate history, Punjab National Bank has detected fraudulent transactions worth around Rs 110 billion from one of its Mumbai branch allegedly by diamond merchant Nirav Modi, his relatives and business partner Mehul Choksi during this year.
Shares of Punjab National Bank (PNB) plunged 10% on Wednesday after the state-run bank detected the financial fraud.
The stock of PNB settled at Rs 145.20 on the NSE, a slump of 10.29 per cent from its previous close. During intra-day trade, the scrip had touched a low of Rs
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