Punjab National Bank share price took a nose dive on Wednesday after there was a report that the Mumbai branch had carried out fraudulent transactions worth Rs11,000 crore leading to loss of investors’ money.
JAIPUR | INDIA | Updated February 14, 2018 1:31 PM IST :
Punjab National Bank share price plummeted on Wednesday sharply after there was report that there were fraudulent transactions worth Rs11,000 crore in the Mumbai branch.
The PNB fraud detection was an eye opener for the investors and there was drastic selling of PNB shares on a mass scale. The share price slipped by 7.8 percent in the intraday trading on Wednesday.
It is said that the amount of fraudulent transctions Rs11,000 crore is so huge and is approximately one-third of the total market capital of Rs36,000 crore of the PNB bank.
Due to the rampant selling and loss of confidence in PNB shares investors lost around Rs3,000 crore in a single day on Wednesday and it seems that the bank’s share prices will take more time to recoup to their original position.
Notably, like SBI and other banks, the PNB too had reported lower earnings in December quarter but it is said that the public sector bank was able to have better asset quality in the said quarter with NPAs down to 12.11 percent. .
PBN share price at 11.30 am
Rs149.70 down Rs11.95
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