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 had been badly hammered in the last 2 days of the trading sessions. In the history of past two days from 14 February till today, PNB share price has plunged about 23.66% to a 52-week low of Rs 123.4 on NSE. Today also, PNB share price extended the two-day losses falling nearly 4% to an all-new 52-week low of Rs 123.4. The stock of Punjab National Bank slumped as much as 3.77% to a 52-week low of Rs 123.5 on Friday on BSE.
A huge trading volume has been observed in the shares of Punjab National Bank, as at 11:30 am, more than 7.4 crore shares exchanged hands on both NSE and BSE with about 6.9 crore shares on NSE alone. Following the massive three-day slide in the shares of PNB, about Rs 9,267 crore has been wiped off from the market capitalisation of the Punjab National Bank. PNB commands a market capitalisation Rs 29,956 crore at the 52-week low price of Rs 123.5 on BSE.
In the latest development today, 8 employees of Punjab National Bank were suspended following the suspension of 10 employees. The suspended employees now stand at 18, including General Manager level officers, ANI said in a tweet.
#NiravModi #PNBScam: 8 employees of Punjab National Bank suspended, the number of suspended employees now stands at 18, which also includes General Manager level officers. Internal investigation of the bank is still underway. pic.twitter.com/a8ClUtiFS2
— ANI (@ANI) February 16, 2018
Earlier yesterday, PNB shares crumbled 14% to hit a 52-week low after bank’s management detailed about the ongoing fraud in the state-run lender. In a press conference held on Thursday afternoon, the top management of Punjab National Bank assured that the bank is trying its best to take action against the alleged offenders. PNB’s chief confirmed that Nirav Modi had written to the bank regarding the repayment plan.
India’s biggest banking fraud was detected at a Mumbai branch of at Punjab National Bank. Punjab National Bank has said that it was the first one to detect and report it to the government agencies and based on which country-wide raids had been conducted on the whereabouts of culprits. The scam at Punjab National Bank involves “unauthorised transactions” of Letter of Undertaking between the bank and alleged diamond merchant Nirav Modi.