NEW DELHI: The share costs of Punjab National Bank (PNB) dropped by way of round 10 in step with cent in Wednesday’s early morning business. This used to be witnessed after the financial institution posted a lack of Rs 13,416.91 crore for the fourth quarter on Tuesday. Analysts claimed this to be the biggest ever loss to be incurred by way of a home lender, as bad loans higher.
The state-owned lender had reported standalone profit of Rs 261.90 crore within the March quarter of the previous fiscal yr.
It used to be famous that the scrip had been buying and selling at 10.99 in step with cent decrease at Rs 76.50 on NSE within the morning business nowadays. Share costs of the scam-affected financial institution opened at Rs 79.15 and went as high as Rs 80 and coffee as Rs 76.10, within the business session. Benchmark NSE Nifty index used to be down zero.41 in step with cent or 44 issues at 10,757.50.
In consideration to the supply made for loss incurred because of the Nirav Modi scam, PNB said it introduced Rs 7,178 crore, 50 in step with cent of the entire quantity of Rs 14,356 crore within the fourth quarter of the financial yr. The ultimate quantity will be lined in three quarters of 2017-18.
The lender also said that it paid Rs 6,586.11 crore to different banks to discharge its liabilities associated with Letter of Undertakings (LoUs) and Foreign Letter of Credits (FLCs) issued within the unauthorized approach to favor some overseas branches of Indian banks in the course of the fraudulent use of SWIFT device of the financial institution, which used to be not built-in with CBS (core banking solutions).
Modi and his fellow other people in conjunction with some officers of PNB frauded the financial institution of round $2 billion.
The state-owned lender had reported standalone profit of Rs 261.90 crore within the March quarter of the previous fiscal yr.
It used to be famous that the scrip had been buying and selling at 10.99 in step with cent decrease at Rs 76.50 on NSE within the morning business nowadays. Share costs of the scam-affected financial institution opened at Rs 79.15 and went as high as Rs 80 and coffee as Rs 76.10, within the business session. Benchmark NSE Nifty index used to be down zero.41 in step with cent or 44 issues at 10,757.50.
In consideration to the supply made for loss incurred because of the Nirav Modi scam, PNB said it introduced Rs 7,178 crore, 50 in step with cent of the entire quantity of Rs 14,356 crore within the fourth quarter of the financial yr. The ultimate quantity will be lined in three quarters of 2017-18.
The lender also said that it paid Rs 6,586.11 crore to different banks to discharge its liabilities associated with Letter of Undertakings (LoUs) and Foreign Letter of Credits (FLCs) issued within the unauthorized approach to favor some overseas branches of Indian banks in the course of the fraudulent use of SWIFT device of the financial institution, which used to be not built-in with CBS (core banking solutions).
Modi and his fellow other people in conjunction with some officers of PNB frauded the financial institution of round $2 billion.
PNB share prices dip by nearly 10% after posting Rs 13,000 crore loss in Q4
![PNB share prices dip by nearly 10% after posting Rs 13,000 crore loss in Q4]()
Reviewed by Kailash
on
May 16, 2018
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