Economy

PNB shares fall 7.8 percent after detecting fraudulent transactions worth $1,771.7 million

New Delhi: The Punjab National Bank, India’s third largest lender, on Wednesday detected fraudulent transactions worth $1,771.7 million (Rs.10,000 cr) in its Mumbai branch, resulting in a sharp decline in its share prices.

The Bank share prices slipped 7.8 percent after the fraud detection.

“The bank has detected some fraudulent and unauthorized transactions in one of its branch in Mumbai for the benefit of a few select account holders with their apparent connivance. Based on these transactions, other banks appear to have advanced money to these customers abroad,” said PNB to BSE Ltd.

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