Economy

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

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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.

The bank said these transactions were contingent in nature and liability arising out of these on the bank would be decided based on the law and genuineness of underlying transactions.

“The matter was already referred to law enforcement agencies to examine and book the culprits as per law of the land. The bank is committed to clean and transparent banking,” said PNB. At 9.43 am, the stock price of PNB was at Rs 155.15 a piece, down by 4.02 per cent on the BSE.

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