PNB shares dive 14%, hit 52-week low as fraud gets murkier; loses Rs 8,000 crore in m-cap in 2 days
- Best Investment Advisor in India
- Business
- Commodity Market
- Currency
- Equity Market
- FII based calls
- Foreign Markets
- Genuine stock tips provider
- Intraday trading tips
- Intraday trading tips & Strategies
- Investment adviser
- Investments
- Most accurate stock tips provider
- News
- NSE F&O
- Operator based calls
- Politics
- Portfolio Management Services
- promotions
- SEBI Registered advisory company
- Stock Market
PNB shares crumbled 14% to hit a 52-week low after bank’s management detailed about the ongoing fraud in the state-run lender which is estimated to be Rs 11,400 crore. In a press conference held today afternoon, the top management of Punjab National Bank assured that the bank is trying it’s best to take action against the alleged offenders. PNB’s chief confirmed that Nirav Modi had written to the bank regarding the repayment plan. Following the announcement, the stock of Punjab National Bank fell as much as 13.88% to hit a fresh 52-week low of Rs 125.55 on BSE while the stock shed 14.12% to hit a 52-week low of Rs 125.25 on NSE.
The trading volumes in the shares of Punjab National Bank spiked to an exceptionally high level. At the closing on Thursday’s trades, more than 19.4 crore shares exchanged hands on the counters of both NSE and BSE with about 17.7 crore shares on NSE alone. The stock of Punjab National Bank got depreciated about 21.4% over the course of last two days on NSE. On Thursday, PNB shares lost about 12.89% to conclude at 127.05 on NSE while it settled 11.97% down at Rs 128.35 on BSE.
Following the two-day slide in the shares of Punjab National Bank, the bank has dropped Rs 8,091.34 crore from the market capitalisation. As per Thursday’s closing price of Rs 128.35, PNB held a market capitalisation of Rs 30,841.34 crore as against Rs 39,223.75 crore on Monday.
Billionaire diamond jeweller Nirav Modi’s firms – Diamond R US, Solar Exports, and Stellar Diamonds – have been accused of presenting a set of import documents to the branch, with a request to allow buyers’ credit for paying suppliers situated overseas and apparently conniving with two of the bank employees to access the credit based on the fake LoUs (Letters of Undertakings). “Nirav Modi has written to us on a repayment plan,” said Sunil Mehta, MD & CEO of Punjab National Bank.
“We detected the fraud in the third week of January this year and approached CBI on 29 January. Thereafter, an FIR was booked against the alleged culprits on 13 February,” PNB management added. Punjab National Bank was the first one to detect and report it to the government agencies and based on which raids are being country-wide raids had been conducted on whereabouts of culprits.
Reluctant to share many details about the ongoing investigation due to the amount of money involved in it and the sensitivity of the matter, PNB Chief, Sunil Mehta said that we are working on modalities and it’s too mature to comment on anything as investigation, hence we want to be careful. “We don’t want to affect liabilities of different stakeholders by speaking much on the issue at present. Please give us some breathing time to protect financial interests of banks and to do it successfully,” Sunil Mehta said further.
PNB’s filing on 14 February 2018
“The Bank has detected some fraudulent and unauthorised transactions (messages) in one of its branch in Mumbai for the benefit of a few select account holders with their apparent connivance. Based on these transactions other banks appear to have advanced money to these customers abroad. The quantum of such transactions is $1,771.69 million (approx). The matter is already referred to law enforcement agencies to examine and book the culprits as per law of the land,” Punjab National Bank said in an exchange filing
PNB’s filing on 5 February 2018
“The matter involving Rs 280.70 crores based on preliminary investigation report stands reported to appropriate Regulatory & Investigating Authorities, and the detailed investigation is on,” PNB said in a regulatory filing on 5 February 2018.
#1 stock adviser in India Accurate stock tips provider Best Equity Portfolio Management Best Intraday calls provider Best Options tips provider Best PMS company in India Best SEBI registered advisory company Best SEBI registered stock advisory company Best stock advisory company in India Best tips provider in India Genuine Account Management services Genuine Equity advisory company Genuine F&O trading calls Genuine Intraday tips provider Genuine SEBI registered advisory company Genuine stock market tips provider India no 1 stock advisory company India’s top rated advisory company Intraday Sureshot tips provider Jackpot intraday tips Most accurate investment adviser in India Most successful stock advisors in india no.1 stock tips provider Reliable advisory company in India Reliable Portfolio Management Services Reliable stock advisory firm Reliable stock tips provider in stock market SEBI registered best intraday tips provider SEBI registered investment adviser Share market trading tips online Stock market Stock market news Stock Market tips Stock market trading tips provider Strategy for Wealth Management and Financial planning Top rated SEBI registered stock advisory firms
Archives
- March 2024
- February 2024
- January 2024
- December 2023
- November 2023
- October 2023
- September 2023
- August 2023
- July 2023
- June 2023
- March 2023
- February 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
- April 2016
- March 2016
Categories
- Best Investment Advisor in India
- Business
- Commodity Market
- Currency
- Equity Market
- FII based calls
- Foreign Markets
- Genuine stock tips provider
- Intraday trading tips
- Intraday trading tips & Strategies
- Investment adviser
- Investments
- IT Industry
- Most accurate stock tips provider
- News
- NSE F&O
- Operator based calls
- Politics
- Portfolio Management Services
- promotions
- SEBI Registered advisory company
- Stock Market
- Uncategorized
Calender
M | T | W | T | F | S | S |
---|---|---|---|---|---|---|
1 | 2 | 3 | ||||
4 | 5 | 6 | 7 | 8 | 9 | 10 |
11 | 12 | 13 | 14 | 15 | 16 | 17 |
18 | 19 | 20 | 21 | 22 | 23 | 24 |
25 | 26 | 27 | 28 | 29 | 30 |