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PNB shares tank over 7%, erase Rs 10,975 crore market cap in 4 days

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

business Updated: Feb 19, 2018 17:03 IST
Press Trust of India, New Delhi
PNB share price,PNB news,PNB fraud
The PNB stock opened lower and slumped further 7.16 % to its 52-week low of Rs 116.65 on the BSE.(AFP)

Shares of Punjab National Bank (PNB) slumped over 7%, extending its fall for the fourth straight session on Monday, following the Rs 11,400-crore fraud at one its Mumbai branches. The stock dropped 7.36% to end at Rs 116.40 on the Bombay Stock Exchange.

Intraday, the stock plunged 9.59% to its 52-week low of Rs 113.60.

On the NSE, shares of the company cracked 7.20% to close at Rs 116.50.

In terms of equity volume, 98.95 lakh shares of the company were traded on BSE and over 13 crore shares changed hands on NSE during the day. In four trading sessions, the stock has fallen 28% and suffered an erosion worth Rs 10,975.16 crore from its market capitalisation.

Meanwhile, shares of PNB Housing ended 0.45% higher at Rs 1,206.20 on BSE. On Wednesday last week, PNB said it detected a fraud in which diamond merchant 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

First Published: Feb 19, 2018 14:49 IST