PNB SHARES PLUNGE BY 10%

Hindustan Times ST (Jaipur) - - Front Page -

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

PTI

The stock of PNB set­tled at ₹145.20 on the NSE.

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