Punjab National Bank shares tank over 7%, market cap drops Rs 10,781 cr in 4 days

New Delhi: Shares of Punjab National Bank (PNB) tumbled over 7 percent on Monday, extending the fall for a fourth straight session following the Rs 11,400-crore fraud at one its Mumbai branches.

Punjab National Bank. AP.

Punjab National Bank. AP.

The stock opened lower and slumped further 7.16 percent to its 52-week low of Rs 116.65 on BSE.

At NSE, shares of the company dived 6.77 percent to hit a one-year low of Rs 117.05.

In four trading sessions, the stock has lost nearly 28 percent and suffered an erosion of Rs 10,781.12 crore from its market capitalisation.

Meanwhile, shares of PNB Housing slipped 1.36 percent to Rs 1,184.35 on BSE.

On Wednesday last week, PNB said it detected a fraud in which diamond jewellery designer Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from one
its branches for overseas credit from other Indian lenders, and is being probed by CBI and Enforcement Directorate among other agencies.

Updated Date: Feb 19, 2018 15:41 PM

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