PNB shares tank over 7.3% on Rs 11,300-crore fraudulent transactions

Shares of PNB were down 7.37 percent to Rs 135.05 a piece at 9:24 am.

New Delhi: Shares of state-run Punjab National Bank slumped over 7.3 percent as the bank has reported a financial fraud of over Rs 11000 crore at one of its Mumbai branches.

Stocks of PNB were down 7.37 percent to Rs 135.05 per share at 9:24 am on BSE. Similar movement was witnessed on the NSE, as the scrip plunged 6.31 percent to touch Rs 136.80 at 9.40 am.

In what could be the biggest banking fraud in India, state-owned Punjab National Bank has said it has detected a USD 1.77 billion scam in which billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.