NEW DELHI: Punjab National Bank's market valuation has slumped by Rs 10,939 crore in 5 days, which is just about equivalent to the huge Rs 11,384-crore fraud on the corporate, even because the inventory made a marginal recovery on Tuesday.
The inventory had dropped in the previous four buying and selling sessions. In the previous one week, the inventory has lost just about 28 in step with cent.
PNB's market valuation fell by Rs 10,938.78 crore to Rs 28,270.22 crore today from Rs 39,209 crore on February 12.
The corporate's scrip meanwhile staged a marginal recovery today ending 0.13 in step with cent higher at Rs 116.55 on BSE. During the day, the inventory lost just about five in step with cent to hit a 12 months low of Rs 111.
As in step with the BSE shareholding development information, the government owns 57.04 in step with cent stake in PNB and with the fall in inventory worth, it has lost Rs 6,274.4 crore. Life Insurance Corporation of India which has 13.93 in step with cent stake has lost Rs 1,532.three crore. Foreign portfolio investors (FPIs) with 12.56 in step with cent stake has observed an erosion of Rs 1,381.6 crore and small investors about Rs 387 crore.
On Wednesday closing week, PNB said it detected a fraud wherein diamond merchant Nirav Modi allegedly received fraudulent letters of undertaking (LoUs) from one its branches for in another country credit score from other Indian lenders, and is being probed by CBI and Enforcement Directorate amongst other agencies.
International score agencies Moodys Investor Service and Fitch Ratings today warned the scam-hit Punjab National Bank (PNB) of score downgrades, bringing up most likely networth erosion and widening losses at the second largest state-run lender.
The inventory had dropped in the previous four buying and selling sessions. In the previous one week, the inventory has lost just about 28 in step with cent.
PNB's market valuation fell by Rs 10,938.78 crore to Rs 28,270.22 crore today from Rs 39,209 crore on February 12.
The corporate's scrip meanwhile staged a marginal recovery today ending 0.13 in step with cent higher at Rs 116.55 on BSE. During the day, the inventory lost just about five in step with cent to hit a 12 months low of Rs 111.
As in step with the BSE shareholding development information, the government owns 57.04 in step with cent stake in PNB and with the fall in inventory worth, it has lost Rs 6,274.4 crore. Life Insurance Corporation of India which has 13.93 in step with cent stake has lost Rs 1,532.three crore. Foreign portfolio investors (FPIs) with 12.56 in step with cent stake has observed an erosion of Rs 1,381.6 crore and small investors about Rs 387 crore.
On Wednesday closing week, PNB said it detected a fraud wherein diamond merchant Nirav Modi allegedly received fraudulent letters of undertaking (LoUs) from one its branches for in another country credit score from other Indian lenders, and is being probed by CBI and Enforcement Directorate amongst other agencies.
International score agencies Moodys Investor Service and Fitch Ratings today warned the scam-hit Punjab National Bank (PNB) of score downgrades, bringing up most likely networth erosion and widening losses at the second largest state-run lender.
Fraud-hit PNB loses Rs 11,000 crore in mcap in 5 days
![Fraud-hit PNB loses Rs 11,000 crore in mcap in 5 days]()
Reviewed by Kailash
on
February 21, 2018
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