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PNB stock slumps below Rs 100, hits 52-week low

Amid the multi-agency probe into the PNB fraud case, the state-run bank on Monday said the amount of fraudulent transactions could be Rs 1,300 crore more than the current estimate of about Rs 11,400 crore.

business Updated: Feb 27, 2018 14:56 IST
Press Trust of India, New Delhi
PNB share price,PNB fraud,Nirav Modi
Shares of the company opened weak at Rs 107.80, then cracked 11.52% to a 52-week low of Rs 99.10 on the BSE.(Reuters)

Shares of Punjab National Bank on Tuesday slumped as much as 11.52% to Rs 99.10, after the lender said the amount of fraudulent transactions could be as much as Rs 12,700 crore.

Shares of the company opened weak at Rs 107.80, then cracked 11.52% to a 52-week low of Rs 99.10 on the BSE.

Amid the multi-agency probe into the PNB scam, the state-run bank on Monday said the amount of fraudulent transactions could be Rs 1,300 crore more than the current estimate of about Rs 11,400 crore.

On February 14, 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.

First Published: Feb 27, 2018 14:20 IST