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Wednesday, September 23, 2020

Punjab National Bank shares tank nearly 7% post Rs 3,688 crore DHFL fraud

The stock of Punjab National Bank (PNB) plunged 6.73 per cent to Rs 34.60 on the BSE. On the NSE, it tanked 6.73 per cent to Rs 34.60.

By: PTI | New Delhi | July 10, 2020 1:55:43 pm
The bank has already made provisions amounting to Rs 1,246.58 crore, as per prescribed prudential norms, it added. (Express photo by Ganesh Shirsekar, File)

Shares of Punjab National Bank on Friday tumbled nearly 7 per cent after the company said it has reported a fraud of Rs 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 Rs 34.60 on the BSE.

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

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

The bank has already made provisions amounting to Rs 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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