PNB shares tank over 6% on disappointing Q4 show; posts largest ever quarterly loss of Rs 13,416.91 cr

New Delhi: Shares of Punjab National Bank (PNB) on Tuesday fell by 6 percent after the company posted largest ever quarterly loss of Rs 13,416.91 crore for the January-March period. The stock went down by 3.80 percent to end at Rs 86 on BSE. During the day, it declined 6.26 percent to Rs 83.80 – its 52-week low level. At NSE, shares of the company dived 6.10 percent to close at Rs 83.85. The company’s market valuation fell by Rs 938.07 crore to Rs 23,740.93 crore. [caption id=“attachment_4358091” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] In terms of equity volume, 19.98 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day. The company’s results were announced before close of trading hours. Scam-hit Punjab National Bank (PNB) on Tuesday posted largest ever quarterly loss of Rs 13,416.91 crore for the January-March period, mainly on account of high provisioning for bad loans. The bank had reported a standalone profit of Rs 261.90 crore in the fourth quarter of 2016-17. The total income for the fourth quarter also declined to Rs 12,945.68 crore from Rs 14,989.33 crore in the year-ago period. The bank has witnessed deterioration in gross net performing assets (NPAs) or bad loans, which rose to 18.38 percent of gross advances at the end of March this year, as against 12.53 percent year ago. Net NPAs also soared to 11.24 percent against 7.81 percent a year ago.