PNB detects fraudulent transactions in Mumbai branch, share price tumbles
Mumbai, Feb 14 (IBNS): Share price of Punjab National Bank (PNB) tumbled on Wednesday afternoon following media reports that the lender has detected fraudulent transactions worth Rs 11,300 crore in one of its Mumbai branch.
The fraudulent transaction amount is close to one third of PNB's total market capitalisation of Rs 36,000 crore and 2.55 percent of total loan book of Rs 4.5 lakh crore (as of December 2017), according to moneycontrol.com.
According to a Tweet by Doordarshan News, the fraudulent transaction has been detected in Mumbai's Breach Candy branch. It also tweeted the letter from the Company Secretary.
According to media reports, the CBI has received two complaints from PNB against designer Nirav Modi and a jewellery company regarding shady transactions worth Rs 10,000 crore.
However, more details are awaited regarding the events and the information if both the events are linked or not.
More details on the events are awaited.
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