PNB, Gitanjali Gems, D B Corp among 17 stocks that hit 52-week low

Six public sector banks include Allahabad Bank, Corporation Bank, Dena Bank, Oriental Bank of Commerce and Union Bank of India touched 52-week lows on the BSE.

Punjab National Bank (PNB), Gitanjali Gems, Max India, Kwality, D B Corp, Repco Home Finance, Gateway Distriparks and Bhartiya International among 17 stocks among the S&P BSE 500 and Smallcap index hitting their 52-week lows on Thursday.

Besides PNB, total six public sector banks (PSBs) include Allahabad Bank, Corporation Bank, Dena Bank, Oriental Bank of Commerce and Union Bank of India touched 52-week lows on the BSE in intra-day trade on Thursday.

PNB plunged 14% to Rs 126 in intra-day trade today, extending its Wednesday’s 10% decline, after the state-owned bank yesterday disclosed that it has detected some fraudulent transactions with a financial implication of $1.77 billion (about Rs 113.46 billion) and the matter has been referred to law enforcement agencies for the recovery. The stock finally settled 12% lower at Rs 128 on BSE, as compared to 0.41% rise in the S&P BSE Sensex.

According to media reports, the Enforcement Directorate (ED) is conducting searches at the residences of Nirav Modi and 11 other locations in Mumbai and Delhi in connection with the Rs 2.8 billion fraud of PNB allegedly by Modi and others. CLICK HERE TO READ FULL REPORT

The BSE said the Exchange has sought clarification from PNB with respect to news article appearing on moneycontrol on February 15, 2018 titled "ED raids offices of Nirav Modi, PNB and Gitanjali gems". The reply is awaited.

Gitanjali Gems locked in lower circuit of 20% at Rs 46.90 on BSE with no buyers were seen on the counter. The trading volumes on the counter surged seven-fold with a combined 30.32 million shares changed hands on BSE and NSE. There were pending sell orders for 159,188 shares, the stock exchanges data shows.

Meanwhile, Nifty PSU Bank index ended 1.1% lower today, has fallen 5.8% in past two trading sessions, the Reserve Bank of India (RBI) has come out with a revised framework for resolution of stressed assets on February 12, 2018.

The revised framework aims at creating a structure for banks which will provide early warning signals for stressed accounts and prompt reporting of default. The framework will enable lenders to take timely action for resolution of the stressed accounts and provides for adequate disclosures by banks while putting provision for penal action on banks in case of concealing of any information by banks, CARE Rating said in a note.

While CARE Ratings expects this framework is a positive in the long term, in the medium term this banks will see a spike in their Non-Performing Assets (NPA) over the next couple of quarters.

COMPANY	LATEST	52 WK LOW	PREV LOW	PREV DATE
ALLAHABAD BANK	55.10	53.10	56.00	06-Feb-18
BHARTIYA INTL.	428.00	428.00	435.00	05-Feb-18
CORPORATION BANK	34.05	33.75	34.00	06-Feb-18
D B CORP	324.20	314.40	315.00	06-Feb-18
DENA BANK	22.05	21.80	22.00	06-Feb-18
DIAMOND POWER	15.85	15.60	15.85	22-Nov-17
ELECTROSTEEL ST.	3.10	3.10	3.43	12-Feb-18
GATEWAY DISTR.	201.00	200.00	208.15	06-Feb-18
GITANJALI GEMS	46.90	46.90	53.00	11-Aug-17
KWALITY	88.50	88.00	88.15	05-Feb-18
LAK. VILAS BANK	122.50	121.00	123.80	12-Oct-17
MAX INDIA	104.95	102.10	106.00	06-Feb-18
ORIENTAL BANK	105.50	102.65	106.90	06-Feb-18
PUNJAB NATL.BANK	127.15	125.55	128.30	03-Oct-17
REPCO HOME FIN	558.00	549.75	552.00	09-Nov-17
SAI BABA INVT.	13.63	13.63	13.63	12-Feb-18
UNION BANK (I)	119.55	118.50	118.65	06-Feb-18