Stocks

Punjab National Bank shares tank nearly 7 per cent

PTI New Delhi | Updated on July 10, 2020 Published on July 10, 2020

Shares of Punjab National Bank on Friday tumbled nearly 7 per cent after the company said it has reported a fraud of ₹3,688.58 crore in the non-performing asset account of Dewan Housing Finance (DHFL) to the RBI.

The stock plunged 6.73 per cent to ₹34.60 on the BSE.

On the NSE, it tanked 6.73 per cent to ₹34.60.

“A fraud of ₹3,688.58 crore is being reported by bank to the RBI in the accounts of the company (DHFL),” PNB said in a stock exchange filing.

The bank has already made provisions amounting to ₹1,246.58 crore, as per prescribed prudential norms, it added.

In November last year, RBI had sent the troubled mortgage lender for bankruptcy proceedings, making it the first financial services player to go to the National Company Law Tribunal for a possible debt resolution.

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Published on July 10, 2020
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