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PNB Stocks Dip by 10% After Lenders Detect Fraud by Bhushan Power & Steel Ltd Worth Rs 3,800 Crore

The fraud, alleging diversion of funds from the banking system, was being reported to the RBI on the basis of the findings of the forensic audit and the CBI filing FIR, PNB said in a statement.

News18.com

Updated:July 8, 2019, 12:04 PM IST
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PNB Stocks Dip by 10% After Lenders Detect Fraud by Bhushan Power & Steel Ltd Worth Rs 3,800 Crore
File Photo of Punjab National Bank (Representative Image: Reuters)

New Delhi: The shares of Punjab National Bank (PNB) fell over 10 per cent on Monday after it reported a borrowing fraud of Rs 3,805 crore in Bhushan Power & Steel Ltd's account.

The stock fell as much as 10.33 per cent to Rs 73.30 per share on the BSE. At 10:20 am, the stock was trading at Rs 73.90, down 9.6 per cent. In comparison, the BSE Sensex was trading 1 per cent (419 points) lower at 39,904.

The fraud, alleging diversion of funds from the banking system, was being reported to the RBI on the basis of the findings of the forensic audit and the CBI filing FIR, the PNB said in the statement.

“It has been observed that the company has misappropriated bank funds, manipulated books of accounts to raise funds from consortium lender banks,” PNB said, adding that it had already made provisions of Rs 1,932 crore in Bhushan's account.

PNB has been defrauded of over Rs 14,000 crore in a scam by business tycoon Nirav Modi that came to light last year.

Bhushan Power & Steel, one of India's most indebted companies, was among the first 12 companies referred by the RBI to a bankruptcy court for a debt resolution process under the new insolvency law.

The company could not be reached for comment on the PNB statement.

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