1. You Are At:
  2. Home
  3. Business News
  4. Punjab National Bank shares dip over 7% after fraudulent activities worth Rs 11,365 crore reported in Mumbai branch

Punjab National Bank shares dip over 7% after fraudulent activities worth Rs 11,365 crore reported in Mumbai branch

After the disclosure on Wednesday, the bank's share price slipped as much as 5.9 per cent in early trade ad continued the downward trend later in the day. At 13:45 hours IST, the stock price Punjab National Bank was quoting at Rs 150.15, down Rs 11.5

Edited by: India TV News Desk, New Delhi [ Updated: February 14, 2018 14:08 IST ]
Punjab National Bank reports fraudulent activities worth
Punjab National Bank reports fraudulent activities worth $1.7 billion in Mumbai branch, shares take a dip

The share price of Punjab National Bank took a dip of over 7 per cent on Wednesday after the bank reported fraudulent and unauthorised activities in one of its Mumbai branches to the Bombay Stock Exchange. 

The bank, in its BSE filing, said it, "has detected some fraudulent and unauthorised transactions (messages) in one of its branches in Mumbai for the benefit of a few select account holders with their apparent connivance."

Furthermore, based on these transactions other banks appear to have advanced money to these customers abroad, PNB said in the statement. 

The transactions in question are contingent in nature and liability arising out of these on the bank shall be decided based on the law and genuineness of underlying transactions.

The quantum of transactions is USD 1,771.69 million (approximately).

"The matter was already referred to law enforcement agencies to examine and book the culprits as per law of the land. The bank is committed to clean and transparent banking," PNB said.

After the disclosure on Wednesday, the bank's share price slipped as much as 5.9 per cent in early trade ad continued the downward trend later in the day. At 13:45 hours IST, the stock price Punjab National Bank was quoting at Rs 150.15, down Rs 11.50, or 7.11 per cent on the BSE.

Promoted Content