The Indian rupee got weaker on Tuesday against the US dollar tumbling as much as 58 paise hitting the lowest level since November 2017 as the extended sell-off by foreign investors in the domestic equity markets weighed.
India’s stock market ended on a negative note on Tuesday after falling in the last hour of the closing bell with Sensex losing 71 points to end at 33,703. Shares of fraud-hit PNB finally managed to close in green after five-day of the bloodbath with PSU bank stocks rallying up to 5%.
As the shares of PNB continue to slide for the fifth straight day, the five-day loss in the market capitalisation of Punjab National Bank has exceeded Nirav Modi’s Rs 11,400 crore fraud.
A plunge in the shares of PSU banks kept the headline indices Sensex and Nifty with minimal rise in the morning deals on Monday. The shares of the fraud-hit PNB slumped over 4% in today’s trade while Tata Steel and Airtel gained up to 2%.
Over 2,000 stocks ended in the red as the benchmark Sensex faced a mini-correction on Monday with shares of the PNB hitting lowest since December 2016 in the intraday trades.
Indian stock markets fell heavily in the afternoon trades on Monday with Sensex diving 437 points as most of the bankers bleed. Shares of State Bank of India and Punjab National Bank plunged up to 10% in today’s trades with stocks of 8 PSU banks hitting their respective 52-week lows.
The after effects of India’s biggest fraud in the banking systems of Punjab National Bank have been increasing day after day. Today, shares of Gitanjali Gems fell for the third straight day diving as much as 10%. On the other hand, Gitanjali Gems CFO and one board member have resigned from the company.
Shares of Indian aviation companies flew high after the airlines posted strong passenger data in the month of January with stocks of InterGlobe Aviation, SpiceJet and Jet Airways (India) gaining up to 6%.
Shares of Punjab National Bank extended its losses on Monday plunging for the fourth straight session dropping nearly 7% to hit a new 52-week low as the biggest banking fraud of Rs 11,400 crore at India’s second largest PSU bank PNB unrolls.
Indian stock markets fell into negative territory in the morning session after starting on a positive note on Monday with Sensex dropping 130 points and Nifty marking a day’s low of 10,404.9. Shares of Tata Steel fell nearly 5% while the stock of fraud-hit PNB slipped 3%.
The Indian rupee turned weaker against the US dollar on Friday tumbling as much as 31 paise as the benchmark BSE Sensex index slipped 286 points today.
India’s biggest banking fraud in country’s second largest PSU bank Punjab National Bank has now engulfed nation’s largest lender State Bank of India. State Bank of India has also been captured by the massive banking scam involving “fraudulent and unauthorised” LOUs between PNB and alleged diamond merchant Nirav Modi.
Indian stock markets retreated in the afternoon trades with Sensex plummeting nearly 350 points and Nifty slipping below 10,500 as shares of heavyweight companies such as ICICI Bank, HDFC, SBI and RIL cracked.
PNB share price today hit a fresh 52-week low as India’s biggest banking fraud unwinded at nation’s second largest PSU bank. PNB share price hammered down massively in the last 2 days of the trades. In the history of past two days, PNB share price has plunged about 23.66%.
Shares of Gitanjali Gems tumbled 20% and got locked in the lower circuit for the second consecutive day as the jewellery maker is under watch by the Enforcement Directorate and CBI on the alleged involvement in PNB’s Rs 11,400 crore fraud.
Indian stock markets opened higher on Thursday with Sensex rising over 200 points and Nifty breaching the 10,600-mark following the positive global cues after major US indices extended gains in yesterday’s trades. Shares of Punjab National Bank declined further on Friday after a two-day slide due to Rs 11,400 crore fraud.
India’s biggest banking fraud has been detected in India’s second largest public sector bank Punjab National Bank. As the biggest banking fraud unravelled at PNB, we take a look at Rs 11,400 crore scam in numbers.
PNB shares crumbled 14% to hit a 52-week low after bank’s management detailed about the ongoing fraud in the state-run lender which is estimated to be Rs 11,400 crore. PNB had lost about Rs 8,000 crore in market capitalisation in last two days.
Indian stock markets extended the early gains in the afternoon trades with Sensex reclaiming 34,500-mark and Nifty rallying as much as 118 points while a heavy drag on shares of PNB kept Nifty Next 50 flat.
Shares of Gitanjali Gems nosedived nearly 20% on Thursday as CBI and ED took charge of PNB’s Rs 11,400 crore scam alleging Nirav Modi and several other jewellers.
Shares of Punjab National Bank extended the losses Thursday and plunged over 8% amid the heavy trading volumes with the bank losing over Rs 6,000 crore in the market capitalisation in the two-day decline.
Indian stock markets opened higher on Thursday with Sensex rallying as much as 150 points and Nifty crossing 10,550-mark while the shares of Punjab National Bank extended yesterday’s losses and tanked over 8% today. Shares of HDFC, Infosys, ICICI Bank surged.
Indian stock markets closed lower on Wednesday with Sensex losing as much as 144 points and Nifty managing to finish at 10,500. Among the sectors, PSU banks shares were the worst hit in Wednesday’s trade with Nifty PSU Bank plunging as much as 4.78% while PNB ended down 10%.
India’s largest telecom operator Bharti Airtel is considering an international listing of its Africa operations, it said on Wednesday. Bharti Airtel International Netherlands will begin non-binding discussions with banks and intermediaries.
About 29 blue-chip stocks rose up to 5% today while the benchmark S&P BSE Sensex traded flat with PSU bank shares witnessing a heavy jolt as the heavyweight shares of PNB, SBI, Bank of India plunged up to 8% on Wednesday.
Shares of almost all of the PSU slid into negative territory with the stock of SBI falling about 2.5% after the Reserve Bank of India provided an all-new new diktat to tackle the NPAs. The stock of Punjab National Bank extended losses after falling over 6% on fraud transactions news.
Shares of the state-run lender Punjab National Bank dropped nearly 6% after the bank said it has detected some fraudulent transactions in one of the branches in Mumbai while Bank of India shares tanked over 4% post Q3 results.