PNB said the amount of fraudulent transactions could be Rs1,300 crore more than the current estimate of about Rs11,400 crore. Photo: Pradeep Gaur/Mint
New Delhi: Shares of Punjab National Bank on Tuesday slumped as much as 9% to hit their 52-week low level in morning trade on bourses after the lender said the amount of fraudulent transactions could be as much as Rs12,700 crore.
Shares of the company opened weak at Rs107.80, then cracked 8.75% to a 52-week low of Rs102.10 on the Bombay Stock Exchange (BSE). Similar movement was seen on the National Stock Exchange (NSE) too, where the stock opened at Rs106.80, then fell to its 52-week low of Rs102, down 8.92% over its previous close.
Amid the multi-agency probe into the PNB scam, the state-run bank on Monday said the amount of fraudulent transactions could be Rs1,300 crore more than the current estimate of about Rs11,400 crore. On 14 February, the bank had detected the fraud wherein billionaire jeweller Nirav Modi and associates had allegedly acquired fraudulent letters of undertaking (LoUs) from one of the branches of the PNB for overseas credit from other Indian lenders.
“...We have to inform that quantum of reported unauthorised transactions can increase by $204.25 million (approximately),” the filing said. At the current exchange rate, the amount comes to around Rs 1,323 crore.
