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PNB Shares Tank Nearly 7% after Company Reports Fraud of Rs 3,689 Crore in NPA Account of DHFL

PTI

Last Updated: July 10, 2020, 12:44 IST

File Photo of Punjab National Bank (Image: Reuters)

File Photo of Punjab National Bank (Image: Reuters)

Last year, RBI had sent the troubled mortgage lender for bankruptcy proceedings, making it the first financial services player to go to the National Company Law Tribunal for a possible debt resolution.

Shares of Punjab National Bank on Friday tumbled nearly 7 per cent after the company said it has reported a fraud of Rs 3,688.58 crore in the non-performing asset account of Dewan Housing Finance (DHFL) to the RBI.

The stock plunged 6.73 per cent to Rs 34.60 on the BSE. On the NSE, it tanked 6.73 per cent to Rs 34.60.

"A fraud of Rs 3,688.58 crore is being reported by bank to the Reserve Bank of India (RBI) in the accounts of the company (DHFL)," PNB said in a stock exchange filing.

The bank has already made provisions amounting to Rs 1,246.58 crore, as per prescribed prudential norms, it added.

In November last year, RBI had sent the troubled mortgage lender for bankruptcy proceedings, making it the first financial services player to go to the National Company Law Tribunal for a possible debt resolution.

first published:July 10, 2020, 12:44 IST
last updated:July 10, 2020, 12:44 IST