PNB Stock Price Slides After Bank Fraud Reported, Should u Sell?


In one of the greatest misrepresentation cases to hit Indian managing an account, Punjab National Bank (PNB) educated stock trades on Wednesday that it has been hit by misappropriation adding up to Rs 11,300 crore at one of its branches in Mumbai. Based on these transactions, other banks appear to have advanced money to these customers overseas, it said.

However, PNB had sent the notice after it was found that the fraud had been carried out by the perpetrators in collusion with the staff at one of the branches in Mumbai, wherein one junior level branch official unauthorisedly and fraudulently issued LoUs on behalf of some companies belonging to Nirav Modi group viz.

He was already under the CBI's scanner, having being previously named in a FIR lodged over an alleged Rs 280-crore fraud, again at PNB, although it isn't clear whether it is directly linked to the reports about the Rs 11,000-crore fraud. That's when the bank started investigating.

Also Read: Who is Nirav Modi? His flagship Firestar Diamond has said it had no involvement.

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Indian banks, including PNB, have been stung by a surge in bad loans in the past four years, choking lending growth vital to accelerate the pace of expansion in Asia's third-largest economy.

The fraud amounts to almost a third of Punjab National Bank's (PNB) market value, and 50 times its profits for the last quarter of 2017. The bank sought 100% cash margins for issuing letters of undertaking for raising buyers' credit, which was contested by the firms saying they had availed of the facility in 2010. Further it poses a challenge as around two years back 12 other lenders were fined for violating rules on approximately $1 billion of foreign-exchange deals.

It signalled that the fraud could affect other banks, which "appear to have advanced money to these customers abroad".

Billionaire jeweller Nirav Modi seen behind fraud; CBI, ED probing case.

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A massive sell off was triggered in bank stocks on Wednesday as new measures announced by the Reserve Bank of India (RBI) to deal with non-performing assets (NPAs) and a $1.8 billion fraud reported by the Punjab National Bank spooked investors. And on Wednesday, the ED also registered a money laundering case in 2017 cheating case.

Modi, his wife, brother and Choksi are partners in these three firms, the CBI FIR said. "In view of these exchanges different banks seem to have propelled cash to these clients overseas", the nation's third biggest open division bank said in its recording.

The investors of the bank lost over Rs 3,900 crore worth of wealth in a single day.

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