ALSO READSensex ends 145 pts down, Nifty at 10,501; PNB crashes over 10% Scam worth Rs 110 bn: PNB detects fraud transactions; stock price drops 10% PNB fraud to impact other banks, increase their bad loans provisions Rs 114-bn fraud: Other lenders flouted RBI rules, PNB tells 30 bank heads PNB extends fall post Rs 114-bn fraud detection; Gitanjali hits 52-week low
Sectoral watch: Nifty PSU Bank cracks over 1% Sensex losers and gainers Sector watch Market at close The S&P BSE Sensex ended at 35,297, up 141 points while the broader Nifty50 index settled at 10,545, up 44 points. PNB Scam: Will not spare anyone who was involved, says MD CEO Sunil Mehta Punjab National Bank MD & CEO Sunil Mehta on Thursday made it clear that the bank will not spare anyone, senior or junior, who was involved in the fraud, saying the second-largest bank will honour all their bona fide commitments. He also said that the scam was detected by bank officials for the first time on January 25 and they had reported about it to the concerned agencies. "Working to bring the perpetrators to book. We are trying to safeguard the financial interests of the bank," the PNB MD said while addressing the media in the national capital. READ MORE Shree Cement gains on commencement of new cement grinding unit Shree Cement has moved higher by 4% to Rs 17,550 on BSE in noon deal after the company announced that it has commissioned new cement grinding unit in Rajasthan. READ MORE
Among individual stocks, Punjab National Bank (PNB) countinued its journey south on Thursday with the stock slipping nearly 8%. The management tried to assauge investor concerns a day after the state-owned bank said that it had detected some fraudulent and unauthorised transactions worth about Rs 1.13 trillion ($1,771.69 million) at one of its branches in Mumbai.
In global markets, Asian stocks gained on Thursday after Wall Street brushed aside strong US inflation data and surged, a counterintuitive move that also saw the dollar pinned at two-week lows even as Treasury yields jumped in anticipation of a quicker pace of US interest rate hikes.