PNB extends fall post Rs 114-bn fraud detection; Gitanjali hits 52-week low

On Thursday, The PNB chief said the fraud was detected on January 25 and was reported to the investigative agencies, including the Central Bureau of Investigation (CBI) on January 29

Punjab National Bank (PNB) ended nearly 13% lower at Rs 127 levels on Thursday, extending its previous day’s 10% decline on BSE, after the state-owned bank said on Wednesday it had been defrauded of about Rs 114 billion by jeweller Nirav Modi, his maternal uncle Mehul Chinubhai Choksi, and other relatives through a clutch of companies their own.

The stock of state-owned lender had slipped 9% to Rs 133 in early morning trade today. In a letter to the chiefs of several banks, a general manager of PNB said the letters of undertakings (LoUs) were opened in favour of branches