New Delhi: Shares of Punjab National Bank (PNB) on Thursday extended its fall for the second straight session, falling as much as 9% in morning trade after the lender disclosed that it has detected a $1.77 billion fraud.
PNB shares opened at Rs137, and hit a low of Rs133.45, down 8.47% over its previous closing price. On the NSE, the stock opened at Rs137.60, but fell 8.57% to Rs133.35. This is the second consecutive day of decline for the stock. It had slumped 10% on Wednesday.
The state-owned bank said it had detected a $1.77 billion (about Rs11,400 crore) fraud in which billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from one of its branches for overseas credit from other Indian lenders.
