PNB to probe Rs.11,000 crore fraudulent transactions; stock dives

The share price of Punjab National Bank (PNB) plummeted about 8 per cent in morning trade on Wednesday after the bank detected some fraudulent transactions of about Rs. 11,000 Crore in one of its Mumbai branch.

The bank in a BSE filing said that it has detected some fraudulent and unauthorized transactions in one of its branch in Mumbai for the benefit of a few selected account holders with their apparent connivance.

PNB further said that the transactions are contingent in nature and the liability will be determined after taking a closer look at these transactions. The bank has already referred to the law enforcement agencies to look into the matter and book the culprits.

At 12:03 hours, PNB was trading at Rs. 149.55 per share, down Rs. 12.10 or 7.4 per cent on NSE. The scrip opened at Rs. 158.95 and has been on a decline touching a low of Rs. 148.80 per share on NSE. The stock has a 52-week high of Rs. 231.45 and 52-week low of Rs. 128.20 per share on NSE. The stock attracted a traded volume of 3,09,03,255 shares on NSE.