Punjab National Bank fraud: Bank stocks continue to fall; many hit 52-week lows
Among others, State Bank of India lost 5.57%, Corporation Bank 3.32% and AXIS Bank 1.71%
New Delhi: Bank stocks continued to face selling pressure on Monday with many hitting their 52-week lows amid concerns over the alleged Rs 11,400 crore PNB fraud case involving billionaire diamantaire Nirav Modi.
Shares of UCO Bank plunged 11.26 per cent, those of Union Bank of India - 10.94 per cent, Allahabad Bank - 10.77 per cent, Bank of Baroda - 9.28 per cent, Syndicate Bank - 8.96 per cent and Bank of Maharashtra - 7.33 per cent on BSE.
Among others, State Bank of India lost 5.57 per cent, Corporation Bank 3.32 per cent and AXIS Bank 1.71 per cent.
Almost, all public sector lenders saw prices of their stocks tumble last week after the alleged PNB fraud came to light.
Mehul Choksi granted bail by Dominica HC on medical grounds; fugitive diamantaire to return to Antigua
As per the court's decision, Choksi can travel to neighbouring Antigua and Barbuda only for the purpose of medical treatment.
Choksi's trial for illegal entry before a magistrate has also been stayed, which is likely to pose hurdles in the battle to have him extradited to India
At the interbank foreign exchange, the domestic unit opened at 74.49 against the dollar, then inched higher to 74.44