After Nirav Modi’s arrest, massive buying seen in PNB; shares up over 4%

Just after Nirav Modi’s arrest in London on Wednesday, massive buying as seen in Punjab National Bank (PNB) as shares of the public sector lender gained nearly 4.4 per cent to hit the day’s high at Rs 94.15 on BSE. The shares trading at Rs 90.05 at 3 pm shot to Rs 93.50 within 5 minutes in the intraday trade.

The fugitive billionaire was arrested in London and will be produced in Westminster Court at 3:30 pm today, news agency PTI reported citing UK Police officials.

The stock is trading higher 3.20 points, or 3.54 per cent at Rs 93.70 on BSE at the time of reporting.

On Monday, a London court issued an arrest warrant against fugitive diamantaire Nirav Modi in response to Enforcement Directorate’s request for his extradition in a money laundering case.

The prime accused in multi-billion dollar bank scam was last seen in the UK’s capital on March 8, India was following the extradition case with the UK government for some time now.

The 48-year old is accused of defrauding the PNB with over Rs 13,700 crore. The ED and the CBI are currently investigating Nirav Modi, his uncle Mehul Choksi and others for alleged money laundering and corruption to perpetrate the alleged scam in PNB’s Brady House branch in Mumbai that was unveiled in 2018.

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