PNB tanks 7% on Monday; m-cap plunges Rs 109.75 bn in four sessions

Shares of Punjab National Bank (PNB) slumped over 7 per cent, extending its fall for the fourth straight session on Monday, following the Rs 114-billion fraud at one its Mumbai branches.

The stock dropped 7.36 per cent to end at Rs 116.40 on BSE. During the day, it plunged 9.59 per cent to its 52-week low of Rs 113.60. On NSE, shares of the company cracked 7.20 per cent to close at Rs 116.50.

In terms of equity volume, 9.895 million shares of the company were traded on BSE and over 130 million shares changed hands on NSE during the day.
 

In four trading sessions, the stock has fallen 28 per cent and suffered an erosion worth Rs 109.75 billion from its market capitalisation.

Meanwhile, shares of PNB Housing ended 0.45 per cent higher at Rs 1,206.20 on BSE.

On Wednesday last week, PNB said it detected a fraud in which diamond merchant Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from one its branches for overseas credit from other Indian lenders, and is being probed by CBI and Enforcement Directorate among other agencies.