Punjab National Bank shares fall by 10% after Rs 11,360-Cr fraud report

PNB

New Delhi, Feb 14: Shares of Punjab National Bank (PNB) tumbled by nearly 10 percent on Wednesday after the bank detected financial fraud of more than Rs 11,300 crore in one of its Mumbai branches.

With the sharp fall, investors lost Rs 3,844 crore of wealth on a single day, According to Money Control report.

The share price of the bank slipped six percent during the early session of trade.

PNB in its statement said ” Bank detected some fraudulent & unauthorised transactions in one of its branch in Mumbai for benefit of few select account holders with their apparent connivance. Based on these transactions other banks appear to have advanced money to these customers abroad”.

“In the Bank these transactions are contingent in nature and liability arising out of these on the Bank shall be decided based on the law and genuineness of underlying transactions. The quantum of such transactions is USD 1771.69 Mio (approx)”, it added.

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