Punjab National Bank fell 3.67% to Rs 94.40 at 10:04 IST on BSE after the bank issued a clarification after market hours yesterday, 13 March 2018.
Meanwhile, the S&P BSE Sensex was down 136.33 points, or 0.40% to 33,720.45.On the BSE, 16.07 lakh shares were traded in the counter so far compared with average daily volumes of 63.89 shares in the past two weeks. The stock had hit a high of Rs 95.10 and a low of Rs 93.35 so far during the day. The stock hit a 52-week high of Rs 231.60 on 26 October 2017. The stock hit a 52-week low of Rs 91.30 on 12 March 2018.
With respect to news titled, "CBI to Special Court: Fraud amount by Gitanjali group companies increases by Rs.942.18 crs; Total amount of fraud in PNB case now stands at over Rs.13,600 crs; CBI also adds Section 409 (IPC), Criminal breach of trust in FIR," Punjab National Bank (PNB) clarified that the amount of Rs 942 crore were the regular limits sanctioned to Geetanjali Group under consortium lending, and were standard credit exposure at the time of detection of the fraud. Now, this exposure is being added to the existing fraudulent amount. This amount has nothing to do with any new fraudulent letters of undertakings (LoUs)/letters of comfort (LoCs).
PNB said last month it had been defrauded of about $2 billion. The bank accused diamantaire Nirav Modi and his uncle and business partner, Mehul Choksi, promoter of listed Gitanjali Gems, and maker of waxes, oils and lubricants Chandri Allied Paper & Allied Products of colluding with rogue bank employees to secure credit from overseas lenders using fraudulent guarantees.
Punjab National Bank's net profit rose 11.1% to Rs 230.11 crore on 8% increase in total income to Rs 15257.50 crore in Q3 December 2017 over Q3 December 2016.
Government of India held 57.04% stake in PNB as per the shareholding pattern as on 31 December 2017.
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