PNB loses Rs 8,731 crore market cap in 3 sessions
In the last three trading sessions, the company market cap saw a total erosion of Rs 8,731.5 crore. This is more than 6 times of the company’s full-year net profit of Rs 1,324 crore recorded in FY 2016-17.business Updated: Feb 16, 2018 16:51 IST
Punjab National Bank has lost market capitalisation worth Rs 8,731 crore after shares of the company slumped for the third straight session following the detection of a Rs 11,400-crore fraud.
At the end of Friday’s trading session, the shares of the company fell 2.10% to Rs 125.65 apiece. The stock had slumped 6.03% intraday to its 52-week low of Rs 120.60.
Following the downtrend, the company’s market cap slumped by Rs 654.91 crore to Rs 30,477.50 crore.
In the last three trading sessions, the company market cap saw a total erosion of Rs 8,731.5 crore. This is more than 6 times of the company’s full-year net profit of Rs 1,324 crore recorded in FY 2016-17.
The quantum of fraud itself is more than 8 times the bank’s annual profit.
The stock hit its 52-week low on both BSE and NSE on Friday.
Meanwhile, shares of PNB Housing settled in the positive territory at Rs 1,210.00 up 0.92%. The stock had slipped 2.25% to a low of Rs 1,172 during the session.
On Wednesday, PNB said it has 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.
First Published: Feb 16, 2018 10:43 IST