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.
PNB said it reported gross NPAs of Rs 78,472.70 crore, while as per the RBI’s assessment the figure was Rs 81,089.70 crore, showing a divergence of Rs 2,617 crore in FY19. (Express photo by Ganesh Shirsekar, File) 
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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