PNB slips over 14% in two sessions

Punjab National Bank fell 5.18% to Rs 138.25 at 10:31 IST on BSE, extending yesterday's losses triggered by the bank detecting a $1771.69 million fraud at a single branch in Mumbai.

Punjab National Bank (PNB) made the announcement before trading hours yesterday, 14 February 2018. Shares of PNB fell 9.81% to settle at Rs 145.80 yesterday, 14 February 2018. The stock has fallen 14.48% in two trading sessions from its close of Rs 161.65 on 12 February 2018. The domestic stock market was shut on 13 February 2018, on account of Mahashivratri.

Meanwhile, the S&P BSE Sensex was up 219.15 points, or 0.64% to 34,375.10.

On the BSE, 40.86 lakh shares were traded in the counter so far compared with average daily volumes of 15.37 lakh shares in the past one quarter. The stock had hit a high of Rs 139.70 and a low of Rs 133.45 so far during the day. The stock hit a 52-week high of Rs 231.60 on 26 October 2017. The stock hit a 52-week low of Rs 128.30 on 3 October 2017.

The stock had underperformed the market over the past 30 days till 14 February 2018, falling 11.93% compared with 1.77% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 23.04% as against Sensex's 3.17% rise. The scrip had outperformed the market in past one year, rising 4.29% as against Sensex's 21.31% rise.

The large-cap state-run bank has equity capital of Rs 485.12 crore. Face value per share is Rs 2.

Punjab National Bank (PNB) announced that it has detected some fraudulent and unauthorised transactions (messages) in one of its branch in Mumbai for the benefit of a few select account holders with their apparent connivance. Based on these transactions, other banks appear to have advanced money to these customers abroad. In the bank these transactions are contingent in nature and liability arising out of these on the bank shall be decided based on the law and genuineness of underlying transactions. The quantum of such transactions is $1771.69 million (approximately). The matter is already referred to law enforcement agencies to examine and book the culprits as per law of the land. The bank said it is committed to clean and transparent banking.

Punjab National Bank's net profit rose 11.1% to Rs 230.11 crore on 8% increase in total income to Rs 15257.50 crore in Q3 December 2017 over Q3 December 2016.

Government of India held 57.03% stake in PNB as per the shareholding pattern as on 31 December 2017.

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