PNB SHARES PLUNGE BY 10%
about the “fraudulent and unauthorized” transactions worth over $1771.69 million in one of its branches in Mumbai. In its filing at the BSE, the PNB said the bank had detected some fraudulent and unauthorised transactions in a Mumbai branch.
“Based on these transactions other banks appear to have advanced money to these customers abroad,” it said, adding that the matter had been referred to law enforcement agencies to examine the case and book the culprits. The intimation did not say if these transactions were linked to Modi. Shares of PNB plunged 10% after the state-run bank detected the financial fraud. Other PSU banks were under pressure too and fell by up to 8% after the Reserve Bank of India (RBI) came out with new norms for recognising stressed assets. The stock of PNB settled at ₹145.20 on the NSE, a slump of 10.29% from its previous close. During intra-day trade, the scrip had touched a low of ₹145.15. Similar movement was witnessed on the BSE, as the scrip closed 9.81% lower at ₹145.80. It had opened at ₹160 and soon touched an intra-day low of ₹144.70. PTI
The officials in the agency, however, confirmed that the transactions cited by the bank in its complaint were linked to Modi and a jewellery company, whose name they have withheld. No official comments were available from the agency on the issue or the nature of the transaction.
The designer, himself a celebrity, grew up in Belgium’s Antwerp--the diamond capital of the world -- and started his own brand by the name of “Nirav Modi”. His name first appeared in a CBI case earlier this month after the agency registered a case