Business News

PNB shares tank over 7%; mcap drops ₹10,781 cr in 4 days

Shares of Punjab National Bank (PNB) tumbled over 7% on Monday, extending the fall for a fourth straight session following the ₹11,400-crore fraud at one its Mumbai branches.

The stock opened lower and slumped further 7.16% to its 52-week low of ₹116.65 on BSE.

At NSE, shares of the company dived 6.77% to hit a one-year low of ₹117.05.

In four trading sessions, the stock has lost nearly 28% and suffered an erosion of ₹10,781.12 crore from its market capitalisation.

Meanwhile, shares of PNB Housing slipped 1.36% to ₹1,184.35 on BSE.

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

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