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Shares of Punjab National Bank fell nearly 5 per cent today, continuing the downtrend for the fifth straight session following the Rs 11,300-crore fraud.
The stock opened on a weak note and further lost 4.63 per cent to Rs 111 -- its 52-week low -- on the BSE. On the NSE, shares of the company dropped 4.72 per cent to touch its one-year low of Rs 111.
In five trading sessions, the stock has declined over 31 per cent and suffered an erosion of Rs 11,581.56 crore in its market capitalisation.
On Wednesday last week, PNB had said it detected a fraud in which diamond merchant 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.
Fitch has placed Punjab National Bank on ‘Rating Watch Negative’ (RWN), reflecting a possibility of downgrade following the $1.77-billion fraud.
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