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PNB Loses Rs 10,975 Crore in Market Cap in Four Days

File photo of Punjab National Bank.

File photo of Punjab National Bank.

In four trading sessions, the stock has fallen 28 percent and suffered an erosion worth Rs 10,975.16 crore from its market capitalisation. Meanwhile, shares of PNB Housing ended 0.45 per cent higher at Rs 1,206.20 on BSE.

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

The stock dropped 7.36 percent to end at Rs 116.40 on BSE. During the day, it plunged 9.59 percent to its 52-week low of Rs 113.60.

On NSE, shares of the company cracked 7.20 percent to close at Rs 116.50. In terms of equity volume, 98.95 lakh shares of the company were traded on BSE and over 13 crore shares changed hands on NSE during the day.

In four trading sessions, the stock has fallen 28 percent and suffered an erosion worth Rs 10,975.16 crore from its market capitalisation. Meanwhile, shares of PNB Housing ended 0.45 per cent higher at Rs 1,206.20 on BSE.

On Wednesday last week, PNB said it detected a fraud in which diamond merchant 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.

first published:February 19, 2018, 17:05 IST