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Shares of state-run Punjab National Bank slumped 8 per cent as the bank has reported a financial fraud of over Rs 11,000 crore at one of its Mumbai branches.
PNB stock opened at Rs 160 on the BSE and soon fell as much as 7.82 per cent to hit the day’s low of Rs 149. Similar movement was witnessed on the NSE, as the scrip plunged 8 per cent to touch an intra-day low of Rs 148.80.
In a regulatory filing to stock exchanges, PNB said it has detected some fraudulent transactions with a financial implication of $1.77 billion (about Rs 11,334.4 crore), and the matter has been referred to law enforcement agencies for recovery.
The bank has detected some fraudulent and unauthorised transactions (messages) at one of its branches in Mumbai for the benefit of a few select account holders with their apparent connivance, PNB said.
Based on these transactions, other banks appear to have advanced money to these customers abroad, it said.
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