×
E-PAPER ▾

E-paper

BUSINESS & FINANCE

PNB shares tank 8% on Rs 11,300-cr fraud transactions

| | New Delhi
PNB shares tank 8% on Rs 11,300-cr fraud transactions
Shares of state-run Punjab National Bank today slumped 8 per cent after the bank reported financial fraud of over Rs 11,000 crore in one of its Mumbai branches.
 
The stock opened at Rs 160 on the BSE and soon fell as much as 7.82 per cent to hit the day's low of Rs 149.
 
Similar movement was witnessed on NSE, as the scrip plunged 8 per cent to touch an intra-day low of Rs 148.80.
 
In a regulatory filing to stock exchanges, PNB said it has detected some fraudulent transactions with financial implication of USD 1.17 billion (about Rs 11,334.4 crore), and the matter has been referred to law enforcement agencies for recovery.
 
The bank has detected some fraudulent and unauthorised transactions (messages) in one of its branches in Mumbai for the benefit of a few select account holders with their apparent connivance, PNB said.
 
Based on these transactions, other banks appear to have advanced money to these customers abroad, it said.
 
 
 
 
 

TOP STORIES

Sunday Edition

View All

Court proceedings end in a lighter vein

20 May 2018 | PNS

New Delhi: “Now, let us enjoy our holidays,” this is how the Supreme Court concluded the hearing on the Karnataka power row on Saturday. The courtroom burst into a bout of laughter as Justice AK Sikri, who headed the three-judge Bench, made the jovial remark ...

Read More

STATE EDITIONS

View All

Modi visits J'khand today, to review aspirational districts' dev

25 May 2018 | Santosh Narayan | Ranchi

When Prime Minister Narendra Modi during his Jharkhand visit on Friday sits with the Deputy Commissioners and officials of the 19 aspirational districts it would boost hope of speedy development of the areas that have been in the red zone. It is learnt that all the DCs concerned have been told to be ready with crisp presentations highlighting not only the good works done in their areas identified but also...

Read More

Page generated in 0.4221 seconds.